The Federal Government of Nigeria, has approved N320.3 billion as 2023 Intervention Funds for public tertiary education institutions in the country.

This was revealed by the Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, who disclosed this in Abuja, during the Fund’s annual strategic planning workshop with all heads of beneficiary institutions.

He 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 N1,154,732,133.00.

The secretary noted that the meeting was an avenue to receive feedback and evaluate the performance of its intervention lines to enhance a more robust delivery of the agency’s mandate.

According to the TETFund boss, the 2023 intervention cycle will see each university receiving N1,154,732,133.00; Polytechnic – N699,344,867.00, while each College of Education would get N800,862,602.

 “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 N130 million as zonal intervention.

“It is pertinent to note that this represents the highest disbursement to each beneficiary institution since inception of the Fund.”

Echono stated that the fortunes of the Nigerian tertiary education sector has improved significantly under the Buhari’s administration, stressing that between 2015 to date (8 years), the total sum of N1.702 trillion has been disbursed as education tax collection to public universities, polytechnics and colleges of education compared to a total sum of N1.249trillion disbursed from the inception of the Fund in 1993 up to 2014 (21 years).

He further urged Buhari to give his assent to Finance Bill 2023, which provides for a further increase in education tax from 2.5% to 3%, as a parting gift to the education sector.