Tinubu approves ₦683 bn intervention fund for public tertiary education

This allocation, a noteworthy increase from last year's ₦320 billion, is earmarked for universities, polytechnics, and colleges of education during the 2024 cycle.

The announcement was made by Sonny Echono, the Executive Secretary of the Tertiary Education Trust Fund (TETFund), during the agency's strategic planning meeting with heads of beneficiary institutions in Abuja on Friday, January 12.

Echono disclosed the allocation details, specifying that universities are set to receive ₦1,906,944,930.00 each, polytechnics ₦1,165,355,235.00 each, and colleges of education ₦1,398,426,282.00 each.

During the meeting, Echono highlighted, "I am pleased to inform you that Mr. President has approved the Year 2024 disbursement guidelines in the total sum of ₦683,429,268,402.64."

He further detailed that 90.75% of the funds are allocated for direct disbursement, 8.94% for designated special projects, and a stabilisation fund of 2.27% to address emerging issues.

Echono expressed gratitude for the remarkable success, attributing it to sustained efforts in expanding and improving the efficiency of collecting the Education Tax. He acknowledged President Tinubu's gracious approval for an increase in the tax from 2.5% to 3.0% in 2023.

The allocation breakdown indicates that the university intervention cycle for 2024 will include a total sum of ₦1,906,944,930.00, comprising ₦1,656,944,930.00 as annual direct disbursement and ₦250 million as zonal intervention.

Similarly, each polytechnic and college of education will receive ₦1,165,355,235.00 and ₦1,398,426,282.00, respectively, with specific allocations for annual direct disbursement and zonal intervention.

Echono emphasised the significance of this increase, stating, "This represents a very significant increase above our last year’s intervention and indeed every other year, since inception."

The Executive Secretary expressed gratitude to key stakeholders, including the Minister of Education, Prof. Tahir Mamman, the Minister of Finance and Coordinating Minister for the Economy, and the Chairmen and members of the Senate and House Committees on TETFund.

Additionally, he acknowledged the unwavering support of the Chairman of the Federal Inland Revenue Services (FIRS) in the pursuit of sustainable improvement in tax collection.

Echono concluded by noting that the meeting served as an opportunity to receive feedback and evaluate the performance of the intervention lines.