President Bola Ahmed Tinubu has given the nod for the allocation of N683 billion as the 2024 Intervention Funds for public tertiary education institutions across the nation.
Sonny Echono, the Executive Secretary of Tertiary Education Trust Fund (TETFund), disclosed this during the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja on Friday.
Out of the total sum, 90.75% is designated for direct disbursement, 8.94% for specific special projects, and 2.27% is earmarked for addressing emerging issues. Echono highlighted that each university, polytechnic, and College of Education will receive N1,906,944,930.00, N1,165,355,235.00, and N1,398,426,282.00, respectively, for the Year 2024 intervention cycle.
“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. From this total, 90.75% is budgeted for direct disbursement and 8.94% for some designated special projects. A stabilization of 2.27% is allowed to enable the Fund to respond to emerging issues,” said Echono.
Acting Permanent Secretary of the Federal Ministry of Education, Zubairu Abdullahi, emphasized the newfound hope and commitment from President Tinubu, urging stakeholders to redouble their efforts to achieve Tinubu’s renewed hope agenda.
Notably, this year’s intervention funds represent a substantial increase compared to the 2023 allocation, which was capped at N320 billion.
