The sum of N683 billion has been approved by President Bola Tinubu as the 2024 Intervention Funds for public tertiary education institutions across the nation.
The Executive Secretary of Tertiary Education Trust Fund (TETFund), Sonny Echono, made this disclosure on Friday at the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja.
He said from the total, 90.75 per cent is earmarked for direct disbursement, 8.94 per cent for some designated special projects, and 2.27 per cent is budgeted for response to emerging issues.
Echono stated that each benefiting university shall get, for the Year 2024 intervention cycle, the total sum of N1,906,944,930.00, each polytechnic will receive N1,165,355,235.00, while each College of Education will get N1,398,426,282.00.
He 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 stabilization of 2.27 % is allowed to enable the Fund to 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.”
On his part, the acting Permanent Secretary of the Federal Ministry of Education, Zubairu Abdullahi, said there is a new hope and commitment from the President that everyone must key into.
He called on stakeholders to intensify efforts to achieve Tinubu’s renewed hope agenda.
This year’s intervention is significantly higher than 2023’s own, which was capped at N320 billion.