Over N320 billion has been approved by the FG for tertiary institutions.

Over N320 billion has been approved by the FG for tertiary institutions. The Tertiary Education Trust money (TETFund) intervention money for...

Over N320 billion has been approved by the FG for tertiary institutions.

The Tertiary Education Trust money (TETFund) intervention money for 2023 has been approved by the Federal Government for use by public tertiary education institutions in the nation, including Universities, Polytechnics, and Colleges of Education.

During the annual strategic planning workshop with all heads of beneficiary institutions on Wednesday in Abuja, Sonny Echono, the executive secretary of the Tertiary Education Trust Fund, revealed this.

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.

According to the head of the TETFund, each university will get at least N1,154,732,133.00 during the 2023 intervention cycle.

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.

"I'm happy to inform you that Mr. President has approved the 2023 disbursement guidelines in the amount of N320,345,040, 835 overall," he stated. Based on this, each university will get a total of N1,154,732,133.00 for the Year 2023 intervention cycle.

This consists of a direct annual distribution of N954,732,123.00 and a zonal intervention of N200,000,000.00. Similar to how each Polytechnic will receive N699,344,867.00, which is made up of N569,344,807.00 in annual direct disbursement and N130,000,000 in zonal intervention, each College of Education will receive N800,862,602.00, which is made up of N670,862,602.00 in annual direct disbursement and N130,000,000 in zonal intervention.

It is important to remember that since the Fund's creation, this represents the greatest distribution to each beneficiary institution.

Echono added that from 2015 to the present, N1.702 trillion has been distributed as education tax collection to public universities, polytechnics, and colleges of education, as opposed to N1.249 trillion distributed from the Fund's inception in 1993 to the end of 2014. This represents a significant improvement in the fortunes of the Nigerian tertiary education sector, she said.

The gracious consent of Mr. President for a rise in the school tax from 2.0% to 2.5% in the year 2021 provided additional impetus, the official continued. "This remarkable success is due to sustained efforts at expanding and increasing efficiency of collection of the Education Tax."

Echono further encouraged Buhari to sign Finance Bill 2023, which would raise the education tax from 2.5% to 3%, as a parting favor to the educational community.

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 do with his brain and hands."