President Bola Tinubu has granted approval for a 2024 Intervention Fund totaling N683,429,268 billion to support public tertiary education institutions in Nigeria.
The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, announced this decision during the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja on Friday.
Echono detailed the allocation of the fund, revealing that 90.75% is designated for direct disbursement, 8.94% for specific special projects, and 2.27% for addressing emerging issues.
He further outlined the individual allocations for the 2024 intervention cycle, with each university set to receive N1,906,944,930.00, each polytechnic receiving N1,165,355,235.00, and each College of Education getting N1,398,426,282.00.
The 2023 intervention cycle figures were also provided for comparison, indicating an increase in funding for the upcoming year.
In 2023, each university received N1,154,732,133.00, polytechnics received N699,344,867.00, and Colleges of Education received N800,862,602.00.
Echono expressed satisfaction in informing the stakeholders about President Tinubu’s approval, emphasizing that the funds would support the growth and development of tertiary education institutions in the country.
The acting Permanent Secretary of the Federal Ministry of Education, Zubairu Abdullahi, echoed the sentiment, calling on all stakeholders to align with Tinubu’s renewed hope agenda and work collectively to achieve educational goals.