President Bola Tinubu has approved a total of N683,429,268 billion as the 2024 intervention fund for public tertiary schools in the country.
The Executive Secretary of Tertiary Education Trust Fund, TETFund, Sonny Echono, made this disclosure on Friday at the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja.
According to him, from the total, 90.75 per cent is earmarked for direct disbursement, 8.94 per cent for some designated special projects, and 2.27 per cent is budgeted for response to emerging issues.
He also disclosed that each university shall get for the Year 2024 intervention cycle, the total sum of N1,906,944,930.00, polytechnic N1,165,355,235.00 while each College of Education has N1,398,426,282.00.
TETFund was set up by the Federal Government to arrest the rot and deterioration in the educational infrastructure occasioned by long period of neglect and very poor resource allocation.
It provides supplementary support to all level of public tertiary institutions with the main objective of using funding alongside project management for the rehabilitation, restoration and consolidation of Tertiary Education in the country.
TETFUND Act which took effect from June, 2011 prescribes 50% to Universities, 25% to Polytechnics and 25% to Colleges of Education.
Lecturers in the country’s public schools have often resorted to strikes to drum home their demands which also included better pay and improved facilities for learning institutions.
In late 2022, university lecturers suspended an eight-month strike over pay, welfare, and crumbling facilities.