Each varsity gets N1.2bn as Buhari approves N320bn for tertiary institutions

The Federal Government, which is led by President Muhammadu Buhari, has authorized N320,345,040,835 as the 2023 intervention funding for the nation’s public tertiary education institutions.

This information was provided by the TETFund’s executive secretary, Arc. Sonny Echono, on Wednesday in Abuja at the Fund’s annual strategic planning workshop with all heads of beneficiary institutions.

The conference, according to Echono, was a chance to get input and assess how well its intervention lines were carrying out the agency’s purpose.

Each university will receive N1,154,732,133.00 for the 2023 intervention cycle, Polytechnic will receive N699,344,867.00, and each College of Education would receive N800,862,602.

His words : “I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. (Three hundred and twenty billion, three hundred and forty-five million, forty thousand, eight hundred and 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.

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“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.”

According to Echono, the state of Nigeria’s tertiary education has significantly improved under the leadership of Buhari, with a total of N1.702 trillion distributed as education tax collections to public universities, polytechnics, and colleges of education between 2015 and date (8 years), up from a total of N1.249 trillion distributed from the Fund’s inception in 1993 to 2014 (21 years).

“This remarkable success is due to sustained efforts at expanding and increasing the 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.

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