Public Varsities, Polytechnics, Colleges of Education To Share N320 Billion FG Intervention Fund

Public Universities, Polytechnics, and Colleges of Education across the country would be sharing N320,345,040, 835 for the year 2023.

Naija News understands that this is because the federal government has approved N320,345,040, 835 as intervention funds for public tertiary institutions in the country.

It was gathered from The Nation that the Executive Secretary of Tertiary Education Trust Fund (TETFund), Sonny Echono made the disclosure on Wednesday in Abuja.

Echono, who disclosed the development Wednesday during the agency’s annual strategic planning workshop with all heads of beneficiary institutions said the approved amount by President Muhammadu Buhari was for the year 2023.

He broke the figure down saying the 2023 intervention cycle will see each university receiving ₦1,154,732,133.00, while Polytechnic – N699,344,867.00, while each College of Education would get N800,862,602.

The executive secretary of TETFund 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. (Three hundred and twenty billion, three hundred and forty-five million, forty thousand, eight hundred and thirty-five Naira only). On the basis of this, each university shall get, for the Year 2023 intervention cycle, the total sum of ₦1,154,732,133.00.

“This comprises N954,732,123.00 as annual direct disbursement and N200 million as zonal intervention. Similarly, each Polytechnic shall get N699,344,867.00 comprising of N569,344,807.00 as annual direct disbursement and N130 Million 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 the inception of the Fund.”

Echono while appreciating the President Buhari-led administration for improving tertiary education, pleaded with the president to accent to the Finance Bill 2023, which provides for a further increase in education tax from 2.5% to 3% before the end of his tenure.