TETFund Breaks Records With N683bn Allocation, Signaling Unmatched Support

TETFund Breaks Records With N683bn Allocation, Signaling Unmatched Support....KINDLY READ THE FULL STORY HERE▶

The 2024 disbursement for beneficiary tertiary institutions across Nigeria has been approved by the Federal Government, totaling N643.4 billion naira. Sonny Echono, the Executive Secretary of Tertiary Education Trust Fund (TETFund), revealed this information during a strategic meeting with heads of beneficiary institutions in Abuja on Friday…….CONTINUE READING

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Echono highlighted that this disbursement is the highest since the inception of the fund, attributing the increase to sustained efforts in expanding and enhancing the efficiency of education tax collection. He noted that the tax collection percentage had been raised from 2.5% to 3.0% in 2023.

The breakdown of the disbursement includes 90.57% allocated for direct annual disbursement, 8.4% for designated special interventions, and a stabilization fund of 2.27% to address emerging issues. Echono emphasized that the disbursement aims to support various interventions, including the establishment of career centers, skill development for polytechnics, and enhanced teaching practice allocations in colleges of education.

For the 2024 intervention cycle, each university is set to receive a total sum of N1,906,944,930.00, comprising annual direct disbursement and zonal intervention. Similarly, polytechnics and colleges of education will receive N1,165,355,235 and N1,398,426,282, respectively.

New intervention lines include the establishment of career centers, skill development, and increased teaching practice allocations. Echono also highlighted areas of special direct disbursement, such as provision for hostels, innovation hubs, disaster recovery, security infrastructure, and completion of abandoned projects.

Echono urged heads of beneficiary institutions to ensure timely payments to contractors and vendors for the proper completion of projects. He also addressed the issue of brain drain in the sector, advocating for increased remuneration for lecturers to retain talent within the country.

The Minister of Education, Prof. Tahir Mamman, represented by the Permanent Secretary, Zubairu Abdullahi, urged heads of institutions to redouble their efforts to achieve President Bola Tinubu’s vision. He encouraged unions to serve as constructive critics and watchdogs in monitoring project implementation.

Prof. Idris Bugaje, the Acting Executive Secretary of the National Board for Technical Education (NBTE), commended the federal government for prompt disbursement and requested a review of the sharing formula to benefit the polytechnics sector. Chris Maiyaki, Acting Executive Secretary of the National Universities Commission (NUC), emphasized the need for effective and efficient utilization of the allocated funds by beneficiary institutions.

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