President Bola Ahmed Tinubu has approved the sum of N683,429,268
billion as the 2024 Intervention Funds for public tertiary education institutions in the country.
The Executive Secretary of Tertiary Education Trust Fund (TETFund), Sonny Echono who made the disclosure during the Fund’s Strategic planning meeting with heads of beneficiary institutions in Abuja said explained that from the total, 90.75 % is budgeted for direct disbursement and 8.94 % for some designated special projects. A stabilization of 2.27 % is allowed to enable the Fund respond to emerging issues.
Echono further 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.
For his part, the acting Permanent Secretary of the Federal Ministry of Education, Zubairu Abdullahi, while urging stakeholders to redouble efforts to achieve President Tinubu’s renewed hope agenda, he noted that there is a new hope and commitment from the president that everyone must key into.
The meeting was also an avenue to receive feedback and evaluate the performance of our intervention lines, while calling on all heads of institutions to ensure the smooth, timely, judicious, and effective implementation and utilization of the year 2024 intervention allocation, to make the much-needed impact in our respective tertiary institutions.