President Bola Ahmed Tinubu of Nigeria has greenlit an unprecedented allocation of over N683.4 billion as intervention funds to bolster the development of the tertiary education system nationwide in 2024. The monumental sum, channelled through the Tertiary Education Trust Fund (TETfund), marks a historic peak in the agency’s history, concurrently aiming to achieve a substantial N1 trillion in education tax collection in the near future.
Sonny Echono, the Executive Secretary of TETfund, made this revelation during the Annual Strategic Planning Meeting with TETFund Beneficiary Institutions in the capital city, Abuja. Echono disclosed that a staggering 90 percent of the total allocation is earmarked for direct disbursement, with each university slated to receive over N1.9 billion.
“I am pleased to inform you that Mr. President has approved the Year 2024 disbursement guidelines in the total sum of N683,429,268,402.64,” stated Echono. ““From this total, 90.75 % is budgeted for direct disbursement and 8.94% for some designated special projects. A stabilisation of 2.27 % is allowed to enable the Fund to respond to emerging issues. “
Echono emphasised that the increased sum is attributed to sustained efforts to enhance the efficiency of education tax collection, coupled with a tax increment from 2.5% to 3.0% in 2023. The Physical Infrastructure Intervention submissions, crucial for institutions to access these funds, are set to commence on January 22, 2024.
“I call on all heads of institutions here present to ensure the smooth, timely, judicious, and effective implementation and utilisation of the year 2024 intervention allocation to make the much-needed impact in our respective tertiary institutions,” urged Echono, highlighting the important role this funding plays in tertiary institutions.
Echono detailed the approved intervention lines for 2024, including the establishment of career centres and units, institution-based skills development for polytechnics, and an enhanced teaching practice allocation for colleges of education. Special Direct Disbursements see increased allocations for programmes like the Special High Impact Programme (SHIP), hostels under public/private partnerships, innovation hubs, disaster recovery, security infrastructure, and more.
The TETfund boss also addressed challenges faced by scholars, assuring provisions in the 2024 intervention to mitigate issues arising from exchange rate fluctuations. Research and development remain a key focus, with allocations for central multipurpose laboratories, agricultural laboratories, and demonstration farms.
Echono passionately called for an increase in the salaries of lecturers in Nigeria, underscoring the detrimental impact of poor remuneration on retaining intellectual talent within the country. The Minister of Information, Professor Tahir Mamman, commended TETfund’s efforts and urged a redoubling of efforts to capitalise on the support received from the President.
The broader educational community echoed this sentiment, with representatives from various commissions and boards expressing gratitude for TETfund’s interventions and advocating for enhanced support for private universities and a recalibration of the fund-sharing formula to benefit polytechnics more.