The President, Major General Muhammadu Buhari (retd.), has approved the sum of N320,345,040, 835 as the 2023 intervention funds for public tertiary education institutions in the country.
According to The PUNCH, the Executive Secretary of Tertiary Education Trust Fund, Sonny Echono, disclosed this in Abuja on Wednesday.
The head of TETFund says that each university will get N1,154,732,133.00 during the 2023 intervention cycle.
Each public polytechnic is also expected to get N699,344,867, and each college of education in the country will get N800,862,602.
He said, “I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. On the basis of this, each university shall get, for the Year 2023 intervention cycle, the total sum of N1,154,732,133.00.
“This comprises N954,732,123.00 as annual direct disbursement and N200million as zonal intervention. Similarly, each Polytechnic shall get N699,344,867.00 comprising of N569,344,807.00 as annual direct disbursement and N130million as zonal intervention, while each College of education shall get N800,862,602 comprising of N670,862,602.00 as annual direct disbursement and N130million as zonal intervention.
“It is pertinent to note that this represents the highest disbursement to each beneficiary institution, since inception of the Fund.”
Echono also said that the Nigerian tertiary education sector has gotten a lot better under Buhari’s leadership.
He said that from 2015 to the present, a total of N1.702 trillion has been given to public universities, polytechnics, and colleges of education as education tax money. From 1993 until 2014, a total of N1.249 trillion was given.
“This remarkable success is due to sustained efforts at expanding and increasing efficiency of collection of the Education Tax and added impetus is the gracious approval of Mr. President for an increase in education tax from 2.0% to 2.5% in the year 2021,” he added.
