Tertiary Education Trust Fund (TETFUND) will on Monday (tomorrow) commence the disbursement of the sum of N161 billion for tertiary institutions across Nigeria as the 2018 intervention fund just as President Muhammadu Buhari approved the guidelines for the exercise
ROYAL NEWS gathered that the total sum represents the education tax collection for year 2017 to be utilized for 2019 intervention activities in all the benefiting public tertiary education institutions.
The Executive Secretary of TETFund, Abdullahi Baffa disclosed this at a press briefing stressing that the disbursement of the funds to tertiary institutions will commence on Monday 7th January 2019 (tomorrow).
Baffa noted that the intervention is in accordance with the provisions of the TETFund Act 2011and the Fund’s Guidelines for Accessing, Utilizing and Retiring Intervention funds.
According to him, “the intervention is another massive boost to the higher education institutions in Nigeria, especially at a time when the country is just recovering from the worst recession in its history, with each public university geting an allocation of N785,832,700.00; each public polytechnic N536,703,502.00; and each college of education will get an allocation of N510,084,900.00 respectively.
“Just like in the previous intervention years, the fund focused its interventions in Public Tertiary Education Institutions on the areas specified by the TETFund establishment Act 2011 comprising; Funding to provide essential physical infrastructure for teaching and learning and Funding to provide instructional materials and equipment.
Others according to him are; “Funding to support Research and Publication; Funding to support Academic Staff Training and Development; and Funding to support the improvement of quality and maintenance of standards in critical and essential areas of need in Beneficiary Institutions.
“In 2018, the TETFund fully implemented the 2017 Revised Guidelines for accessing intervention funds by beneficiary institutions to ease the processes of submission and approval of projects proposals for the various intervention lines of the Fund. This contributed significantly to beneficiary institutions delivering their 2017 intervention projects within the specified project cycles.
“The internal controls introduced by the Fund in 2017 resulted to high level of compliance with the Guidelines for accessing funds by beneficiary institutions throughout 2018. Education Tax Collection as at November 2018 was N200,793,193,208.54. It is an increase of about 25.47% over the previous year’s collection of N154.9 billion.”