Squander N135b TETFund Allocation, Get Sanctioned, FG Warns

Institutions benefiting from the N135 Tertiary Education Trust Fund (TETFund) have been advised to use allocated funds judiciously or risk government sanctions.

Minister of Education, Mallam Ibrahim Shekarau, made the charge while speaking at the 2014 TETFund Annual Strategic Planning Workshop recently organized for the beneficiary institution in Abuja.

"These are resources invested in our public institutions for public good. Institutions must therefore, demonstrate fiscal responsibility and commitment to ethical standards.

"You must recognise that government and the people of Nigeria, and indeed the global community expect you to lead the way in cutting edge research and innovation that will enhance the growth and development of our society," Shekarau said.

The Minister warned that the federal Government would sanction institutions that use the funds for purposes other than what they were allocated for.

Shekarau revealed that "each university is receiving the sum of N912 million in normal intervention, each polytechnic is receiving the sum of N661 million while each college of education is receiving the sum of N581 million."

The Executive Secretary of TETFund, Professor Suleiman Bogoro, said the number of benefiting institutions grew from 157 in 2010, 177 in 2013 and 183 in the current year.

Also, allocations grew from N303m for universities in in 2010 to N646m in 2013 and N912 million; polytechnics rose from N183m in 2010 to N443m in 2013 and N661 million in 2014; while colleges of education allocations rose from N157m in 2010 to N390m in 2013 and N581 million in 2014.