Buhari Approves N320b 2023 Intervention Fund For Varsities, Polytechnics, Collage Of Education

President Muhammadu Buhari has given a go-ahead order to release the sum of N320.3 billion as the 2023 Intervention Funds for public tertiary education institutions in the country.

VerseNews Nigeria reports that this was disclosed by the Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono in Abuja on Wednesday, April 5 2023.

Echono during the Fund’s annual strategic planning workshop with all heads of beneficiary institutions said the fun will help in further improvement and development of Nigeria institutions.

On the account of circulating the money, he said that each university receiving N1,154,732,133.00; Polytechnic – N699,344,867.00, while each College of Education would get N800,862,602.

His 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.

“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.

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

“This remarkable success is due to sustained efforts at expanding and increasing efficiency of collection of the Education Tax and added impetus is the gracious approval of Mr. President for an increase in education tax from 2.0% to 2.5% in the year 2021.”

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

The Permanent Secretary, Federal Ministry of Education, David Adejo, urged the beneficiary institutions to use the intervention judiciously.

He added that the country is no longer looking for paper presentations but what one can do with his brain and hands.