President Bola Ahmed Tinubu has approved a record-breaking N683.4 billion intervention fund for the sector in 2024. The funds, to be disbursed through the Tertiary Education Trust Fund (TETfund), mark the highest allocation since the agency’s inception.
Sonny Echono, the Executive Secretary of TETfund, revealed this groundbreaking decision at the Annual Strategic Planning Meeting with TETFund Beneficiary Institutions in Abuja. He emphasized that 90% of the allocated sum is earmarked for direct disbursement, with each university set to receive over N1.9 billion.
“I am pleased to inform you that Mr. President has approved the Year 2024 disbursement guidelines for N683,429,268,402.64,” stated Echono. He outlined that the significant increase is attributed to enhanced efforts in tax collection efficiency and the rise in the education tax rate from 2.5% to 3.0% in 2023.
According to the disbursement guidelines, each university is slated to receive a total sum of N1,906,944,930.00 for the 2024 intervention cycle. This includes N1,656,944,930.00 as annual direct disbursement and N250 million for zonal intervention.
Polytechnics and Colleges of Education are also set to benefit, with each polytechnic receiving N1.1 billion and each College of Education getting N1.3 billion. Echono stressed that the increased funding aims to address various needs, including physical infrastructure development, research, and skills acquisition.
The TETfund boss announced the commencement of submissions for Physical Infrastructure Intervention on January 22, 2024, urging institutions to utilize the funds judiciously. He highlighted the newly approved intervention lines for 2024, encompassing initiatives such as Career Centers, Institution-Based Skills Development, and enhanced teaching practice allocations.
Additionally, the funding will support Special Direct Disbursements for programs like the Special High Impact Programme (SHIP), hostel provision through public/private partnerships, innovation hubs, disaster recovery, security infrastructure, and the completion of abandoned projects.
Echono also addressed challenges faced by scholars due to exchange rate fluctuations, assuring that provisions have been made to address the shortfall. He emphasized the focus on research and development in 2024, with allocations for central multipurpose laboratories and upgrades to existing facilities.
Despite these strides, Echono called for an increase in lecturers’ salaries in Nigeria, citing inadequate remuneration as a factor prompting many skilled professionals to seek opportunities abroad.
The Minister of Education, Professor Tahir Mamman, commended TETfund’s efforts and urged continued collaboration to achieve practical results in the education sector. He emphasized the government’s commitment to resolving issues such as out-of-school children and certificate racketeering.