FG to invest more than N320 billion in universities

N320,345,040, 835 figure has been authorized by President Major General Muhammadu Buhari’s (ret.) administration as the country’s 2023 intervention funding for public tertiary education institutions.

This information was provided by Sonny Echono, the Executive Secretary of the Tertiary Education Trust Fund, on Wednesday in Abuja at the annual strategic planning meeting with all heads of beneficiary institutions.

The conference, according to Echono, was a chance to get input and assess how well its intervention lines were carrying out the agency’s purpose.

Each university would receive N1,154,732,133.00 during the 2023 intervention cycle, according to the head of the TETFund.

Each public polytechnic is also anticipated to earn N699,344,867.00, while each of the nation’s colleges of education will receive N800,862,602.

He said, “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.”

Echono went on to say that the tertiary education landscape in Nigeria has significantly improved under the Buhari administration, noting that from 2015 to the present, N1.702 trillion has been distributed as education tax collections to public universities, polytechnics, and colleges of education, compared to N1.249 trillion distributed from the Fund’s inception in 1993 to the end of 2014.

“This remarkable success is due to sustained efforts at expanding and increasing 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 added.

Echono also encouraged Buhari to sign Budget Bill 2023, which would raise the education tax from 2.5% to 3%, as a parting favor to the field of education.

The Permanent Secretary of the Federal Ministry of Education, David Adejo, also spoke and urged the recipient institutions to spend the cash wisely, noting that “the country is no longer looking for paper presentations but what one can achieve with his brain and hands.”

The audit of the 2022 intervention funds distributed to beneficiary institutions is anticipated to be made public at a later time.