N320.3B Intervention Funds For Tertiary Institutions Approved By FG
N320.3B Intervention Funds For Tertiary Institutions Approved By FG
President Muhammadu Buhari has approved the sum of N320,345,040,835 as the 2023 intervention funds for public tertiary education institutions across the country.
This was disclosed on Wednesday, 5th April 2023 by the Executive Secretary of the Tertiary Education Trust Fund, Sonny Echon, during the Fund’s annual strategic planning workshop with all heads of institutions in Lagos.
According to the TETFund Secretary, the 2023 intervention cycle will have each university receiving N1,154,732,133.00; Polytechnic – N699,344,867.00, while each College of Education will receive N800,862,602.
“I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. Based on 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 N200 million 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.
Echono urged the President to assent to the 2023 Finance Bill which seeks an increase in education tax from 2.5% to 3%, as a parting gift to the education sector.
The Federal Ministry of Education, David Adejo, also advised the beneficiaries of the funds to make judicious use of the intervention.
