Tinubu Approves N683bn Intervention Fund for Tertiary Institutions

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President Bola Tinubu has approved the sum of N683, 429,268 billion as the 2024 Intervention Funds for public tertiary education institutions in the country.

The Executive Secretary of

Tertiary Education Trust Fund (TETFund), Sonny Echono, disclosed this yesterday, during the Fund’s strategic planning meeting with heads of beneficiary-institutions in Abuja.

Echono said from the total, 90.75 per cent was budgeted for direct disbursement and 8.94 per cent for some designated special projects. A stabilisation of 2.27 per cent was allowed to enable the Fund respond to emerging issues.

He also disclosed that each university shall get for 2024 intervention cycle, a total sum of N1,906,944,930.00, each Polytechnic N1,165,355,235.00 while each College of Education shall get N1,398,426,282.00.

So far, this year’s intervention witnessed a boost as compared to last year's, which saw the disbursement of over N320 billion.

It would be recalled that the 2023 intervention cycle saw each university receiving N1,154,732,133.00; Polytechnic – N699,344,867.00, while each College of Education got N800,862,602.

"Mr. President has approved the Year 2024 disbursement guidelines in the total sum of N683,429,268, 402.64. From this total, 90.75% is budgeted for direct disbursement and 8.94% for some designated special projects. A stabilization of 2.27% is allowed to enable the Fund respond to emerging issues.

“Based on this approval, each university shall get, for the year 2024 intervention cycle, the total sum of N1,906,944,930.00. This comprises N1,656,944,930.00 as annual direct disbursement and N250 million as zonal