The Federal Government has approved the sum of N161 Billion as 2018 Tertiary Education Trust Fund Intervention Guidelines.
The Executive Secretary, Tertiary Education Trust Fund(TETFund), Abdullahi Baffa, made the disclosure while briefing journalist in Abuja.
The Executive Secretary noted that the approval of the 2018 TETFund Intervention Guidelines, is the allocation meant to be utilized for the 2019 Intervention activities in all the benefitting public Tertiary Education institutions in Nigeria.
Baffa urged all eligible institutions, to visit TETTUND’s head office to receive the allocation.
The Executive Secretary disclosed that the approval of the TETFUND 2018 Intervention Guidelines represent the Education Tax collection for the year 2017.
“It will boost the higher education institution in the country. This is essential at a time when the country is just recovering from the worst recession in history “
“The Fund fully implemented the 2017 Revised Guidelines for accessing intervention funds by beneficiary institutions, which resulted to high level of compliance with the Guidelines for accessing funds by beneficiary institutions throughout 2018.”
While speaking on the 2018 Education Tax Collection, he explained that the total Education Tax collection as at November, stands at N200,793,193,208.54.
“The growth in the Education Tax collection is a clear confirmation that Nigeria’s economy has recovered from the avoidable recession it was plunged into by the previous administration “.
The Executive Secretary said that the Fund disbursement for the period, January -December, 2018, across the various intervention line was N133.84 billion.
“The distribution across the three levels are : Universities -N66.93 billion, Polytechnics -N32.37 Billion, Colleges of Education – N32.65 Billion.”
Baffa highlighted that in order to ensure the domestication and utilization of the scientific and technological knowledge acquired by TETFUND scholars in foreign institutions, the Fund spearheaded the initiative for the establishment of National Research Laboartories to serve as centres of specialized researches in various zones of the country.