FG Approves Intervention Fund For Varsities, Polytechnics, Colleges Of Education

By Ayodele Oni

Better days are ahead for higher education as the federal government approved the sum of N320,345,040, 835 as the 2023 intervention funds for public tertiary education institutions in the country.

Underfunding, especially at the University sector was among demands by the Academic Staff Union of Universities, (ASUU) which made members embarked on a prolonged strike last year.

The Executive Secretary of Tertiary Education Trust Fund, Sonny Echono, disclosed this in Abuja on Wednesday, during the Fund’s annual strategic planning workshop with all heads of beneficiary institutions.

Echono pointed out that the meeting was an avenue to receive feedback and evaluate the performance of its intervention lines to enhance a more robust delivery of the agency’s mandate.

According to him, the 2023 intervention cycle will see each university receiving N1,154,732,133.00; Polytechnic – N699,344,867.00, while each College of Education would get N800,862,602.

“I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. Based on this, each university shall get, for the Year 2023 intervention cycle, the total sum of N1,154,732,133.00

“Each Polytechnic gets 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 receive N800,862,602 comprising of N670,862,602.00 as annual direct disbursement and N130million as zonal intervention.

Echono further disclosed that fortunes of the Nigerian tertiary education sector have improved significantly under Buhari’s administration, saying that between 2015 to 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 N1.249trillion 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 2.0percent to 2.5percent in the year 2021.”