Buhari Approves N320.3b Funds For TETFUND

• Nigeria’s President Buhari has approved the disbursement of N320.3N320.3billion for Tertiary institutions in the country.

• This was announced by the executive secretary of TETFUND, Sonny Echono during the Fund’s annual strategic workshop.

• The intervention funds will be aimed at funding public Tertiary institutions in the country.

EKO HOT BLOG reports that President Muhammadu Buhari has approved the disbursement of N320.3 billion as intervention funds for public tertiary institutions in Nigeria.

The announcement was made by the Executive Secretary of Tertiary Education Trust Fund, Sonny Echono, during the Fund’s annual strategic planning workshop with all heads of beneficiary institutions in Abuja on Wednesday, April 5.

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According to Echono, each university will receive N1,154,732,133.00, while each polytechnic and college of education will get N699,344,867.00 and N800,862,602 respectively. He added that this represents the highest disbursement to each beneficiary institution since the inception of the Fund.

Echono also stated that the fortunes of the Nigerian tertiary education sector have significantly improved under Buhari’s administration. He noted that between 2015 to date, a total sum of N1.702 trillion has been disbursed as education tax collection to public universities, polytechnics, and colleges of education compared to a total sum of N1.249 trillion disbursed from the inception of the Fund in 1993 up to 2014 (21 years).

“The 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,” Echono said.

In response to the announcement, the Permanent Secretary of the Federal Ministry of Education, David Adejo, urged the beneficiary institutions to use the intervention judiciously, emphasizing that the country is no longer looking for paper presentations but what one can do with their brain and hands.

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The intervention funds are expected to assist the tertiary institutions in meeting their needs for academic research, staff development, and the provision of necessary infrastructure. The disbursement is part of Buhari’s administration’s commitment to improving the education sector in Nigeria.

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