The Nigerian Government has approved N320,345,040, 835 as the 2023 intervention funds for public tertiary education institutions in Nigeria.
From the 2023 intervention cycle, each university would receive N1,154,732,133.00; Polytechnic would get N699,344,867.00, and college of Education would get N800,862,602.
The approval was made public by the Executive Secretary of Tertiary Education Trust Fund, TETFund, Sonny Echono, on Wednesday.
He spoke at TETFund’s annual strategic planning workshop with all heads of beneficiary institutions in Abuja.
According to the TETFund boss: “I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. On the basis of this, each university shall get, for the Year 2023 intervention cycle, the total sum of N1,154,732,133.00.
“This comprises N954,732,123.00 as annual direct disbursement and N200million 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 shall get N800,862,602 comprising of N670,862,602.00 as annual direct disbursement and N130million as zonal intervention.”
The TETFund boss said the disbursement represents the highest benefitting institution.
He noted that the Buhari’s administration had ensured the improved fortunes of tertiary education in Nigeria.
Echono said the sum N1.702 trillion has been disbursed as education tax collection since 2015 to date.