Tinubu Approves N683.4bn Intervention Fund For Public Tertiary Institutions In Nigeria - EDU-BIZNEWS


Friday, January 12, 2024

Tinubu Approves N683.4bn Intervention Fund For Public Tertiary Institutions In Nigeria

President Bola Ahmed Tinubu has approved six hundred and eighty-three billion, four hundred and twenty-nine million,two hundred and sixty-eight thousand, four hundred and two naira, sixty-four kobo (N683,429,268,402.64) as the year 2024 intervention fund for public tertiary schools in the country.

The Executive Secretary of Tertiary Education Trust Fund, TETFund, Sonny Echono revealed this on Friday at the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja.

The total, 90.75 per cent according to him, is earmarked for direct disbursement, 8.94 per cent for some designated special projects, and 2.27 per cent is budgeted for response to emerging issues.

Echono also disclosed that each university shall get for the Year 2024 intervention cycle, the total sum of N1,906,944,930.00, polytechnic N1,165,355,235.00
while each College of Education has N1,398,426,282.00.

The intervention fund is expected to go a long way in addressing the long the decades-long calls for better funding of schools in Nigeria. 

Academic Staff Unions in the country’s public tertiary institutions have often resorted to industrial action to compel government to respond to their demands which also included better pay and improved facilities for learning institutions.

It will be in late 2022, university lecturers suspended an eight-month strike over pay, welfare, and crumbling facilities, the latest industrial dispute to hit Africa’s most populous nation.

The strike by the Academic Staff Union of Universities (ASUU) had shut down federal government-owned universities since February 14 that year despite talks with the government to find a truce.

That strike was the second longest by ASUU, known for its work stoppages. In 2020, during the Covid-19 pandemic, the university teachers went on strike for nine months.

The demands of the lecturers are the same as in previous strikes — higher pay, improved welfare, increased funding, and upgraded facilities.

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