President Bola Tinubu has given public tertiary institutions in Nigeria a reason to cheer, approving a whopping N683.429 billion intervention fund for 2024. This significant announcement, made by the Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, at the Fund's strategic planning meeting with heads of beneficiary institutions, marks a substantial increase compared to the over N320 billion disbursed last year.
Breakdown of the Fund:
Direct Disbursement: 90.75% of the total fund, amounting to N620.6 billion, will go directly to universities, polytechnics, and colleges of education across the country.
Special Projects: 8.94% or N61.5 billion is allocated for designated special projects aimed at specific areas of need within the tertiary education sector.
Stabilization Fund: 2.27% or N15.3 billion serves as a safety net to address unforeseen issues.
Impact on Institutions:
Universities: Each university will receive approximately N1.9 billion, with N1.65 billion as direct disbursement and N250 million as zonal intervention.
Polytechnics: Each polytechnic will receive roughly N1.17 billion, with N1.02 billion as direct disbursement and N150 million as zonal intervention.
Colleges of Education: Each college of education will be allocated around N1.4 billion, with N1.25 billion as direct disbursement and N150 million as zonal intervention.
Reactions and Implications:
This news has been met with jubilation by stakeholders in the education sector, who have long advocated for increased funding for public tertiary institutions.
Academic Staff Union of Universities (ASUU): "This intervention is a welcome development and a step in the right direction towards revitalizing our public universities," said ASUU President, Prof. Biodun Ogunyemi.
National Association of Nigerian Students (NANS): "We commend President Tinubu for listening to the cries of students and prioritizing education," stated NANS President, Comrade Usman Barambu.
However, some experts cautioned that effective utilization of the funds is crucial.
Dr. Ngozi Okonjo-Iweala, Former Minister of Finance: "Transparency and accountability in disbursement and project implementation are key to ensuring the impact of this investment," she emphasized.
#Hashtags:
#TETFundIntervention #EducationBoost #EducationInvestment #PublicUniversities #FundingNigeria #TertiaryEducation #TinubuAdministration #HopeForTheFuture #ASUU #NANS #Transparency #Accountability
This intervention provides a much-needed lifeline to public tertiary institutions in Nigeria, paving the way for improved infrastructure, faculty development, and research advancements. While challenges remain in ensuring judicious use of the funds, the optimism generated by this move is undeniable. Let's hope this significant investment translates into a brighter future for Nigerian education.
