TETFund to disburse N683bn

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The Federal Government has approved a total sum of 683.4 billion naira as the 2024 disbursement for beneficiary tertiary institutions across the country.

The Executive Secretary, Tertiary Education Trust Fund (TETFund), Sonny Echono, gave the breakdown of the disbursement at a Strategic Meeting with Heads of Beneficiary institutions on Friday in Abuja.

He said that the disbursement was the highest since inception.

Echono attributed the increase to the sustained efforts at expanding and increasing the efficiency of education tax collection from 2.5 per cent to 3.0 per cent in the year 2023.

Echono said that the Fund had budgeted 90.57 per cent for Direct Annual Disbursement and 8.4 per cent as designated special interventions, from the total disbursement.

“A stabilisation of 2.27 per cent is allowed to enable the Fund respond to emerging issues.
“This is inclusive of the difference between actual collections and the projections made for November and December 2023 collections as requested and approved by Mr President.
“Based on this approval, each University shall get, for the Year 2024 intervention cycle, the total sum of N1,906,944,930.00.

“This comprises N1,656,944,930.00 as annual direct disbursement and N250million as zonal intervention.

“Similarly, each Polytechnic shall getN1,165,355,235,comprising ofN1,015,355,235as annual direct disbursement and N150million as zonal intervention.


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