The Federal Government has greenlit the disbursement of a staggering N643.4 billion through TETFund to beneficiary tertiary institutions nationwide in 2024.
The announcement was made by Sonny Echono, the Executive Secretary of the Tertiary Education Trust Fund (TETFund), during a strategic meeting with heads of beneficiary institutions in Abuja on Friday.
Echono revealed that this marks the highest disbursement since the Fund’s inception, attributing the increase to the education tax rate’s bump from 2.5% to 3% in 2023.
A strategic breakdown of the 2024 disbursement showcased that 90.57% is earmarked for direct annual disbursement to beneficiary tertiary institutions, with 8.4% allocated for special interventions.
In a bid to address emerging issues, a stabilization fund of 2.27% has been allowed. Echono emphasized that this includes the variance between actual collections and the projections made for November and December 2023 collections, as approved by the President.
TETfund Allocation Breakdown for Tertiary Institutions
Universities: Each beneficiary university is set to receive a substantial sum of N1,906,944,930.00 for the 2024 intervention cycle. This comprises N1,656,944,930.00 as annual direct disbursement and N250 million as zonal intervention.
Polytechnics: Polytechnics will be allocated N1,165,355,235 each, with N1,015,355,235 as annual direct disbursement and N150 million as zonal intervention.
Colleges of Education: Beneficiary colleges of education will receive N1,398,426,282, comprising N1,248,426,282.00 as annual direct disbursement and N150 million as zonal interventions.
Echono underscored the necessity for all beneficiary tertiary institutions to establish career centers in line with the new TETFund guidelines, with the funds provided for annual direct disbursements.
This significant financial injection is poised to bolster the educational landscape in the country, supporting tertiary institutions in their quest for excellence and development.
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