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2019: Buhari Approves N161bn As Disbursement To Public Tertiary Institutions – TETFund

The Tertiary Education Trust Fund (TETFUND) has revealed that President Muhammadu Buhari has approved the sum of N161 billion for disbursement to public tertiary institutions across the country.
President Muhammadu Buhari
President Muhammadu Buhari

Executive Secretary of TETFUND, Abdullahi Baffa disclosed the information while addressing reporters in Abuja on Friday.
He explained that each benefitting university would get an allocation of over 700 million, Polytechnic and College of Education are expected to get over 500million each with a little difference in favour of polytechnics.
According to him, the increased intervention was as a result of boost in the 2017 Education Tax Collection which stood at over N200 billion.
He the TETFUND scribe maintained that public tertiary institutions now have an opportunity to enjoy more scholarships, research funds and infrastructural development.
“The approval of the 2018 Intervention Budget by Mr. President in December 2018 heralds the commencement of the 2019 TETFund Intervention Activities. The approved sum of N161billion has been allocated to the eligible institutions for 2019 intervention activities in accordance with the provisions of the Act 2011.
“Consequently, each public University will get an allocation of N785,832,700.00; each public Polytechnic will get N536,703,502.00; and each College of Education will get an allocation of N510,084,900.00 respectively.
“The detailed breakdown of the allocations will be released after the Fund communicates the allocation letters to the institutions. As at November 2018, the total education tax collection stood at N200,793,193,208.54.
“This shows an increase of about 25.47% over the previous year’s collection of N154.9billion. The growth in the Education Tax collection is a clear confirmation that Nigeria’s economy has recovered from the avoidable recession it was plunged into by the previous administration. The increased collection will obviously translate to a bigger allocation for public tertiary education institutions and therefore more projects, more scholarships, more research funds in the institutions”.
Baffa, who noted that over N133.84 billion was disbursed by the Fund to tertiary institutions in 2018 as against the sum of  N69.18 billion in 2017, explained that this 93.5% increase in disbursement was possible due to the 2017 projects proposal defense and access clinic organised for benefitting institutions by TETFUND.
“Fund disbursement for the period January  -December, 2018 across the various intervention lines was N133.84 Billion. The distribution across the three levels are: Universities – N66.93Billion, Polytechnics – N32.37Billion, Colleges of Education –N32.65Billion while others were N1.89 Billion.
“The Fund reaped the benefits of its 2017 Projects Proposal Defense and Access Clinic for institutions in 2018 with about 97 percent increase in access of intervention fund by beneficiary institutions from N69.18B in 2017 to N133.84B in 2018,” he noted.

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