[Just In] Tinubu Allocates N683 Billion For Universities And Other Institutions In Intervention Funds

President Bola Ahmed Tinubu has given the nod for the allocation of N683 billion as the 2024 Intervention Funds for public tertiary education institutions across Nigeria….CONTINUE READING

The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, revealed this during the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja on Friday.

Echono outlined that out of the total amount, 90.75% is set aside for direct disbursement, 8.94% for specific designated special projects, and 2.27% is allocated for responding to emerging issues.

For the Year 2024 intervention cycle, each benefiting university is slated to receive the total sum of N1,906,944,930.00, each polytechnic will be granted N1,165,355,235.00, and each College of Education will get N1,398,426,282.00.

He stated, “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.”

The acting Permanent Secretary of the Federal Ministry of Education, Zubairu Abdullahi, emphasized the new hope and commitment from the President, urging stakeholders to redouble efforts to achieve Tinubu’s renewed hope agenda.

It’s noteworthy that this year’s intervention marks a significant increase compared to the N320 billion capped for 2023.