Tinubu Approves N683bn Intervention Fund For Tertiary Institution

President Bola Ahmed Tinubu

FG authorizes an N683 billion intervention fund for higher education

N683,429,268 billion has been approved by President Bola Ahmed Tinubu as the 2024 intervention funds, to be distributed to the nation's public tertiary education institutions that will benefit from them.

The allocation was the largest to be given to beneficiary institutions since the Fund's founding, according to Arc. Sonny Echono, Executive Secretary of the Tertiary Education Trust Fund (TETFund), who revealed this information on Friday in Abuja during the Fund's Strategic Planning Meeting with heads of beneficiary institutions.

According to Echono, of the total, 89.75 percent is allocated for direct payments and 8.94 percent for a few specific special projects. 2.27 percent stabilization is permitted in order to allow the Fund to react to new issues.

Echono said, “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 stabilisation of 2.27% is allowed to enable the Fund respond to emerging issues.

“This is inclusive of the difference between actual collections and the projections made for November and December 2023 collections as requested and approved by Mr President.

“Based on this approval: Each university shall get, for the Year 2024 intervention cycle, the total sum of N1,906,944,930.00. This comprises N1,656,944,930.00 as annual direct disbursement and N250 million as zonal intervention.

“Similarly, each Polytechnic shall get N1,165,355,255.00 comprising of N1,015,355,235.00 as annual direct disbursement.