President Muhammadu Buhari has officially approved N320,345,040,835 for tertiary institutions across the federation.
The executive secretary of the Tertiary Education Trust Fund, Sonny Echono, said the money would be released to institutions across Nigeria.
Echono said during the TETFund annual strategic planning workshop that each benefitting institution would get N1,154,732,133.00.
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He further broke it down that N954,732,123.00 will be disbursed annually and N200m as a zonal intervention for the institutions.
According to Echono, polytechnics are not left out as N800,862,602, comprising N670,862,602.00 as annual direct disbursement and N130m as zonal intervention.
His words: “This remarkable success is due to sustained efforts at expanding and increasing the efficiency of collection of the Education Tax and added impetus is the gracious approval of Mr President for an increase in education tax from 2.0% to 2.5% in the year 2021.”
