President Bola Tinubu has given the green light for the disbursement of a substantial N683 billion as the 2024 intervention fund dedicated to public tertiary schools in Nigeria. This decision was revealed by Sonny Echono, the Executive Secretary of Tertiary Education Trust Fund (TETFund), during a strategic planning meeting with heads of beneficiary institutions in Abuja on Friday.
A significant portion of the allocated funds, precisely 90.75%, is slated for direct disbursement to the institutions. Additionally, 8.94% has been earmarked for specific special projects, while 2.27% is allocated to address emerging issues within the education sector.
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As part of the distribution, each university is set to receive N1,906,944,930.00 for the 2024 intervention cycle, polytechnics will be allocated N1,165,355,235.00, and each College of Education is entitled to N1,398,426,282.00. This financial injection aims to address the long-standing calls for improved funding of educational institutions in Nigeria.
The move comes at a crucial time when public school lecturers have often resorted to strikes to advocate for better pay and enhanced facilities for learning institutions. In late 2022, university lecturers suspended an eight-month strike focusing on issues related to pay, welfare, and deteriorating facilities in federal government-owned universities.
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The intervention fund is expected to play a pivotal role in mitigating challenges faced by educational institutions, providing essential support for the enhancement of teaching and learning environments. This significant allocation is a positive step towards resolving persistent issues that have led to prolonged strikes and disruptions in the education sector.
Source: Channels TV.
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