President Bola Ahmed Tinubu has approved the sum of N683.4billion as the 2024 intervention fund for public tertiary education institutions in the country.
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This year’s intervention witnessed a boost as compared to last year where over N320 billion was disbursed.
This was disclosed by the executive secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, an architect on Friday, during the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja.
Echono said from the total, 90.75 per cent was budgeted for direct disbursement and 8.94 per cent for some designated special projects while a stabilisation 2.27 per cent is allowed to enable the Fund respond to emerging issues.
He said each university would get, for the year 2024 intervention cycle, a total sum of N1,906,944,930.00; each polytechnic, N1,165,355,235.00 while each college of education shall get N1,398,426,282.00.
Echono said the approval was inclusive of the difference between actual collections and the projections made for November and December 2023 collections as requested and approved by Mr President.