The Federal Government has authorized the disbursement of N643 billion to public tertiary institutions across the country.
Mr Sonny Echono, the Executive Secretary of the Tertiary Education Trust Fund (TETFund), disclosed this during a strategic meeting with heads of beneficiary institutions in Abuja on Friday.
According to him, the disbursement of N643.4 billion is the highest ever approved since the inception of the Fund.
The scheme is saddled with the responsibility to disburse, manage and monitor education tax to government- owned tertiary institution.
TETFund said the the increase in the fund for public tertiary institutions across the country was due to the increase in the education tax from 2.5% to 3% in 2023.
He said: “A stabilisation of 2.27% is allowed to enable the Fund to 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 N1,165,355,235, comprising of N1,015,355,235 as annual direct disbursement and N150 million as zonal intervention.”
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