President Muhammad Buhari has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. (Three hundred and twenty billion, three hundred & forty-five million, Forty thousand, eight hundred & thirty five Naira only) as intervention to public tertiary institutions across the the country.
The Executive Secretary of TETFund, Sonny Echono at a workshop organised for the beneficiary institutions, disclosed that 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…… CONTINUE READING
According to him, 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. It is pertinent to note that this represents the highest disbursement to each beneficiary institution, since inception of the Fund.
“I should also place on record that the fortunes of the Nigerian tertiary education sector improved significantly under the Buhari administration, Between 2015 to date (8 years), the total sum of N1,702trillion has been disbursed as EDT collection to public universities, polytechnics and colleges of education compared to a total sum of N1.249trillion disbursed from the inception of the Fund in 1993 up to 2014 (21 years)”.
This remarkable success he noted, was due to sustained efforts at expanding and increasing efficiency of collection of the Education Tax and added impetus was the gracious approval of Mr. President for an increase in education tax from 2.0% to 2.5% in the year 2021.
“We are grateful to all the key actors, notably Malam Adamu Adamu, Minister of Education. Mrs. Zainab Ahmed Shamsuna, Minister of Finance, the Chairmen and members of the Senate and House Committees on Finance and my brother Mohammed Nami, Chairman. Federal Inland Revenue Services (FIRS)”, he said.
“May I also seize this opportunity to appeal to Mr. President, as a parting gift to the education sector and a fitting finale to his manifest desire to improve education funding in the country, for his ascent to the Finance Act 2023, which provides for a further increase in education tax from 2.5% to 3%”.
“You will recall that at the Year 2022 workshop, several crucial issues were discussed. It provided me with the opportunity to listen to several complaints and problems facing several beneficiary institutions and we were able to respond appropriately to many of the issues raised and committed to looking into those that required our careful examination and review”, he added.
Among some of the problems discussed were the issues of abandoned or non-completion of projects in institutions which constituted a serious challenge to the Board of Trustees in ensuring allocative efficiency and value for disbursed funds.
He further disclosed that the Fund has since reviewed the disbursement process on the internal audit clearance requirement and also engaged on a one-on-one meeting with affected institutions with the aim of resolving this persistent problem…… CONTINUE READING
