President Buhari Approves N330.3Billion Intervention Fund For Polytechnics

President Muhammadu Buhari has approves the disbursement of N330.3Bn intervention funds for Public Tertiary Institutions Nigeria.

Each University will receive N1.15Bn,
Colleges of Education will receive 800.8m each while Polytechnics N699.3m each.

This was confirmed by the Executive Secretary Of Tertiary Education Trust Fund TETFUND Mr Sunny Echonno during a meeting with all heads beneficiary institutions in Abuja on Wednesday 5th April 2023.

According Echonno,he said that having the meeting with all the benefiting institution, was an opportunity to receive feedback and evaluate the performance of its previous Interventions.

His words: “I am pleased to inform you that Mr. President has approved the 2023 disbursement guidelines in the total sum of N320,345,040, 835. (Three hundred and twenty billion, three hundred and forty-five million, forty thousand, eight hundred and thirty five Naira only). On the basis of this, each university shall get, for the Year 2023 intervention cycle, the total sum of N1,154,732,133.00.

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“This comprises N954,732,123.00 as annual direct disbursement and N200million as zonal intervention. Similarly, each Polytechnic shall get N699,344,867.00 comprising of N569,344,807.00 as annual direct disbursement and N130million as zonal intervention, while each College of education shall get N800,862,602 comprising of N670,862,602.00 as annual direct disbursement and N130million as zonal intervention.

“It is pertinent to note that this represents the highest disbursement to each beneficiary institution, since inception of the Fund.”

Echono further said the fortunes of the Nigerian tertiary education sector have improved significantly under Buhari’s administration, saying that between 2015 to date (8 years), the total sum of N1.702 trillion has been disbursed as education tax collection to public universities, polytechnics and colleges of education compared to a total sum of N1.249trillion disbursed from the inception of the Fund in 1993 up to 2014 (21 years).

“This remarkable success is due to sustained efforts at expanding and increasing the efficiency of collection of

According to the Secretary of TETFUND, Sunny Echono this is the Highest Tertiary Institutions ever get since the creation of the Fund.