Stephen Ukandu, Umuahia
Less than two months to vacate office, President Muhammadu Buhari-led Federal Government has approved N320,345,040, 835 as the 2023 intervention funds for public tertiary institutions in the country.
This is coming amidst complaints by university lecturers over their withheld salaries for the seven and half months they were on strike for the greater part of 2022.
Executive Secretary of Tertiary Education Trust Fund, TETFund, Arc. Sonny Echono, disclosed this in Abuja on Wednesday, during the Fund’s annual strategic planning workshop with all Heads of beneficiary institutions.
Echono further disclosed that from 2015 till date, the 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).
“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 declared.
The Abuja meeting, according to the TETFund boss, is an avenue to receive feedback and evaluate the performance of its intervention lines to enhance a more robust delivering of the agency’s mandate.
According to him, each university will receive N1,154,732,133.00; Polytechnic – N699,344,867.00; while each College of Education will get N800,862,602.
He said that the Federal Government was committed to fund education through TETFund.
“I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. On the basis of 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 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.”
He explained that the fortunes of the Nigerian tertiary education sector had improved significantly under Buhari’s administration.
