FG approves N1.5bn intervention fund for tertiary institutions
Executive Secretary, Tertiary Education Trust Fund, Sunday Echono, yesterday in Abuja said N1.485bn intervention fund had been approved for tertiary institutions across Nigeria.
Speaking at the strategic interactive session for heads of TETFund beneficiary institutions, he said each university would get N642,848,138.00; each polytechnic, N396,780,086.00 and each college of education, N447,758,804.00.
He said the letters of allocation for the annual direct intervention would be released to the benefiting institutions at the meeting; while the allocations for special interventions would be released appropriately in due course.
“Management further decided remove the need has to to obtain internal audit clearance on submissions to access 2nd tranche payment, where there’s a final tranche outstanding. Henceforth internal audit clearance will only be required before payment of final tranche,” he said.
He said this was to eliminate bottlenecks and delays in the execution of the intervention projects.
He said another area of serious concern to the Fund was the incidence of distressed or nonperforming projects which was becoming rampant and disturbing.
He said TETfund had about seven nonperforming/distressed projects at the University of Port Harcourt, six at the Enugu State University, five at the University of Nigeria Nsukka, four at the Taraba State University, four at the Kaduna State University and one at Alvan Ikoku College of Education.