Nigerian Government Approves Funds for Public Tertiary Institutions

Nigeria’s President, Muhammadu Buhari has approved the 2023 financial disbursement to publicly tertiary institutions, Universities, Polytechnics and Colleges of Education (CoE), in Nigeria in line with Tertiary Education Trust Fund (TETFund) approved guidelines.

The President approved the sum of N320,345,040, 835. (Three hundred and twenty billion, three hundred & forty-five million. Forty thousand, eight hundred & thirty-five Naira only) .

Based on this, each university will receive, for the Year 2023 intervention cycle, the total sum of  N1,154,732,133.00.

These were made known by the Executive Secretary of the Tertiary Education Trust Fund TETFUND, at the 2023 Annual Strategic Planning Workshop Organized for TETFund Beneficiary Institutions.

According to the Executive Secretary, the fund 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 N130million as zonal intervention, while each College of education receives N800,862,602 comprising of N670,862,602.00 as annual direct disbursement and N130million as zonal intervention.

Echono further disclosed that the funds represent the highest disbursement to each beneficiary institution, since the inception of the Fund.

He noted that the fortunes of the Nigerian tertiary education sector improved significantly under the Buhari administration.

“Between 2015 to date (8 years), the total sum of N1,702trillion 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). “

The Executive Secretary added that the remarkable success is due to sustained efforts at expanding and increasing the efficiency of the collection of the Education Tax.

He stressed that this resulted in the approval of Mr President for an increase in education tax from 2.0% to 2.5% in the year 2021.

In 2022, the President approved the sum of 189billion Naira for the public Higher Institutions which represented 80percent

The Executive Secretary of the Fund appealed to President Muhammadu Buhari to assent to the Finance Act 2023, which provides for a further increase in education tax from 2.5% to 3%.

The Workshop

Echono said the meeting was an avenue to receive feedback and evaluate the performance of Tetfund’s intervention lines.

“It also helps us to deliver on our mandate more effectively and efficiently.

“Experience has shown that such interaction between the Fund and our beneficiary institutions allows sharing thoughts and ideas and has indeed helped stimulate debates on how best we can improve the Fund’s intervention lines in various institutions across the country.”

Disbursement Review

The Tetfund Head stated that the fund has reviewed its disbursement process on the internal audit clearance requirement and also engaged in a one-on-one meeting with institutions affected by abandoned projects

“This review will be anchored by the Bureau of Public Procurement (BPP) to assist beneficiary institutions. Speedily access, procure and complete their projects.”

Responding, the Executive Secretary of the National Board For Technical Education, Prof. Idris Bugaje called for increased action on intervention funds, he described Tetfund Interventions as the main line of infrastructure development for public tertiary institutions in Nigeria.

He called for a review of the distribution of funds to the public tertiary institution while also advocating for equal sharing formula amongst all tertiary institutions.

The Executive Secretary of the National Universities Commission, Prof. Abubakar Abdulrasheed, tasks the beneficiary institutions with research and inventions.