In a groundbreaking move to bolster Nigeria’s public tertiary education system, President Bola Ahmed Tinubu has given the green light to a monumental ₦683 billion intervention fund. This unprecedented financial injection is set to revolutionize the educational landscape in universities, polytechnics, and colleges of education across the nation.
On January 12, Sonny Echono, the Executive Secretary of the Tertiary Education Trust Fund (TETFund), made the announcement during a strategic planning session with leaders of beneficiary institutions in Abuja. Echono revealed the allocation details, with universities 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.
This allocation marks a significant increase from last year’s ₦320 billion and is a testament to President Tinubu’s commitment to nurturing the next generation of leaders and professionals in Nigeria. The substantial funding is expected to bring about significant improvements in infrastructure, learning resources, and overall quality of education in public tertiary institutions.
Echono expressed gratitude for the remarkable success, attributing it to sustained efforts in expanding and improving the efficiency of collecting the Education Tax. He also 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.
President Tinubu’s approval of the ₦683 billion intervention fund for public tertiary education marks a turning point in Nigeria’s education history. The substantial financial support is poised to elevate the quality of education and pave the way for a brighter future for students and the nation as a whole.
