President Muhammadu Buhari has approved TETFUND disbursement guidelines for 2023 totaling 320.45 billion naira.
This was revealed by the Fund’s Executive Secretary during the annual Strategic Planning Workshop for TETFund Beneficiary Institutions in Abuja.
The fund will be disbursed to beneficiary public universities, Polytechnics and Colleges of education.
Tertiary Education Trust Fund is charged with managing, disbursing and monitoring the Education Tax fund to public tertiary institutions in Nigeria.
This year’s disbursement is said to be different as beneficiary institutions are getting the highest intervention than they have ever gotten from the fund.
Each university shall receive one billion, three hundred and forty-five million, forty thousand, eight hundred and thirty-five naira from the total sum of three hundred and twenty billion, three hundred and forty-five million, forty thousand, eight hundred and thirty-five naira approved by the president.
This will comprise of nine hundred and fifty four million, seven hundred and thirty two thousand, one hundred and twenty three naira as annual direct disbursement and N200million as zonal intervention.
Similarly, each Polytechnic shall get N699,344,867.00 six hundred and ninety nine million, three hundred and forty four thousand, eight hundred and sixty seven naira comprising of N569,344,807.00 five hundred and sixty nine million, three hundred and forty four thousand, eight hundred and seven naira as annual direct disbursement and N130 million as zonal intervention.
Each college of education will receive eight hundred million, eight hundred and sixty two thousand, six hundred and two naira in annual direct disbursement and N130 million in zonal intervention.
The Federal government challenges the institutions to put the funds to judicious use while Polytechnic institutions have called for an equal disbursement of the Fund among all tertiary institutions.
The fund pledges its commitment to promoting research and innovation in the country’s tertiary institutions.