FGN approves N683bn intervention fund for tertiary institutions

President Bola Ahmed Tinubu has approved the sum of N683,429,268 billion as the 2024 intervention Funds for disbursement to beneficiary public tertiary education institutions in the country.

Executive Secretary of Tertiary Education Trust Fund (TETFund), Arc. Sonny Echono, who made this known on Friday in Abuja during the Fund’s Strategic planning meeting with heads of beneficiary institutions, noted the allocation was highest ever to be disbursed to beneficiary institutions since inception of the Fund.

Echono explained that from the total, 90.75 per cent is budgeted for direct disbursement and 8.94 per cent for some designated special projects. A stabilization of 2.27 per cent is allowed to enable the Fund respond to emerging issues.

He also disclosed that each University shall get, for the Year 2024 intervention cycle, the total sum of N1,906,944,930.00, each Polytechnic N1,165,355,235.00
while each College of Education shall get N1,398,426,282.00.

This year’s intervention witnessed a boost as compared to last year where over N320 billion was disbursed.

It would be recalled that the 2023 intervention cycle saw each university receiving N1,154,732,133.00; Polytechnic – N699,344,867.00, while each College of Education got N800,862,602.

Echono said, “I am pleased to inform you that Mr. President has approved the Year 2024 disbursement guidelines in the total sum of N683,429,268,402.64. From this total, 90.75 % is budgeted for direct disbursement and 8.94 % for some designated special projects. A stabilisation of 2.27 % is allowed to enable the Fund respond to emerging issues.

“This is inclusive of the difference between actual collections and the projections made for November and December 2023 collections as requested and approved by Mr President.

“Based on this approval: Each university shall get, for the Year 2024 intervention cycle, the total sum of N1,906,944,930.00. This comprises N1,656,944,930.00 as annual direct disbursement and N250 million as zonal intervention.

“Similarly, each Polytechnic shall get N1,165,355,235.00 comprising of N1,015,355,235.00 as annual direct disbursement.