NEWS

TETFund To Disburse N683bn For Tertiary Institutions Nationwide

The 2024 disbursement for tertiary institutions nationwide has been approved by the Federal Government, totaling N643.4 billion. Sonny Echono, the Executive Secretary of TETFund, revealed the highest-ever disbursement during a strategic meeting in Abuja, attributing the increase to enhanced efforts in education tax collection efficiency, raised from 2.5% to 3.0% in 2023.

Echono specified that 90.57% is allocated for direct annual disbursement, with 8.4% designated for special interventions.

“A stabilisation of 2.27 per cent is allowed to enable the use of 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 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 N1,015,355,235 as annual direct disbursement and N150 million as zonal intervention.

“Also, each College of Education shall get N1,398,426,282.00, comprising N1,248,426,282.00 as annual direct disbursement and N150 million as zonal intervention,” he said.

Echono included that the newly approved intervention lines in the annual direct disbursement encompass the creation of career centers and units in all beneficiary institution categories, along with skill development initiatives for polytechnics. Additionally, he mentioned a substantial improvement in teaching practice allocation in response to widespread requests from colleges of education.

“For the Special Direct Disbursements, we have increased the allocation for the Special High Impact Programme (SHIP).

“Also, the number of benefiting institutions has also been increased to two per geopolitical zone per category, giving a total of 36 beneficiary institutions.

“Other areas of special direct disbursement are provision for hostels using the public/private partnership arrangement, innovation hubs, disaster recovery, security infrastructure, completion of abandoned projects, and many others,” he added.

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