President Bola Tinubu has granted approval for the allocation of N683,429,268 billion as the 2024 Intervention Fund for public tertiary education institutions across the country.
Sonny Echono, the Executive Secretary of Tertiary Education Trust Fund (TETFund), disclosed this information during the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja on Friday.
Echono outlined the distribution of the funds, indicating that 90.75% is designated for direct disbursement, 8.94% for specific special projects, and 2.27% budgeted for addressing emerging issues.
He further specified the allocations for the 2024 intervention cycle, with each university slated to receive N1,906,944,930.00, each polytechnic N1,165,355,235.00, and each College of Education N1,398,426,282.00.
Recalls that the 2023 intervention cycle saw each university getting N1,154,732,133.00; Polytechnic – N699,344,867.00, while each College of Education received N800,862,602.
“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.
“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,” Echono said.
The acting Permanent Secretary of the Federal Ministry of Education, Zubairu Abdullahi, on his part, said there is a new hope and commitment from the President that everyone must key into.
He called on stakeholders to intensify efforts to achieve Tinubu’s renewed hope agenda.