TETFund Disburses N642M To Each University

The Federal Government commenced the disbursement of the direct intervention funds approved by the presidency to public Universities, Polytechnics and Colleges of Education in the country to boost their infrastructure development.

Executive Secretary of Tertiary Education Trust Fund (TETFund), Arc. Sonny Echono, presented the allocation letters to heads of the beneficiary institutions on Monday, at the National Universities Commission (NUC), Abuja

The intervention running into several billions of naira, had the Universities having the lion’s share of N642,848,138.00 each while the sum of N396,780,086.00 is allocated to each Polytechnic and N447,758,804.00 to each College of Education in the country for the year 2022.

He noted that the broad areas of interventions as approved by the Board of Trustees, are categorized into the Annual Direct Intervention, and the Special Interventions which are usually at the discretion of the Board of Trustees or the directives of the Federal Government, saying all cases, disbursements were based on the equality of states and of geo-political zones as enshrined in the enabling Act.

Echono said the desire to develop human capital to service the various sectors of the Nigerian economy, primarily informed the government’s investment in the education sector.

He added that the government was not unmindful of the deficit and decay in the tertiary sub-sector, noting that it also informed the establishment of the Tertiary Education Trust Fund; which was initially referred to as Education Tax Fund in 1993 and later metamorphosed into Tertiary Education Trust Fund in 2011