FG Approves N320bn Intervention Funds For Tertiary Institutions

The Federal Government has approved the disbursement of N320 billion by the Tertiary Education Trust Fund (TETFund) to public universities, polytechnics and colleges of education in the country.

Sonny Echono, the Executive Secretary of TETFund, announced this on Wednesday in Abuja at the annual strategic planning workshop organised by TETFund for the heads of beneficiary institutions.

Universities got the lion share of N1.1 billion comprising N954 million as annual direct disbursement and N200 million zonal intervention.

While presenting letters of allocation to the beneficiary institutions, Echono said the Fund was looking towards its desired goal of N500 billion education tax collection.

He advised the heads of the beneficiary institutions to ensure smooth, timely, judicious, and effective implementation and utilisation of the year 2023 intervention allocation to make the needed impact in the respective tertiary institutions.

Echono said he had the cause to lament in 2022 when TETFund received N257 billion in 2020 as collections and last year when this dropped to N189 billion.

Echono said: “President Buhari has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. (Three hundred and twenty billion, three hundred & forty-five million. Forty thousand, eight hundred & thirty five Naira only).

“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 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,” he said.