The Central Bank of Nigeria (CBN) will begin the disbursement of the N30 billion revitalisation fund set aside by the Federal Government for Universities across the country.
Each university, according to report must present an audit report on how it utilised previous disbursements.
Labour and Employment Minister Chris Ngige, who announced this in Abuja on Morning.
According to him, the Federal Government deposited the N30 billion with the CBN in January but the fund however was not immediately disbursed because the Federal Ministry of Education and the National Universities Commission (NUC) committee needed to evaluate the audit reports of the universities
The revitalisation fund is one of the seven key issues evaluated yesterday at a Federal Government’s meeting with the leadership of the Academic Staff Union of Universities (ASUU).
According to a statement by the Deputy Director of Press and Public Relations in the Federal Ministry of Labour and Employment, Charles Akpan, the two parties expressed satisfaction with the implementation stages of what Ngige called “work in progress.”
“The report has been turned in, deliberated upon and the Education Ministry and the NUC have promised to write to the Accountant General of the Federation next week for the release of the money to the NEEDS Special Account for onward disbursement to universities shortly,” Ngige said.