TETFund to disburse N638 billion to tertiary institutions in 2024

The Federal Government has approved N643.4 billion as the 2024 disbursement for beneficiary tertiary institutions across the country.

This was disclosed by the Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, during a strategic meeting with Heads of beneficiary institutions in Abuja on Friday.

Echono, who gave the breakdown of the TETFund 2024 disbursement at the strategic meeting noted that N643.4 billion was the highest disbursement since the inception of the Fund.

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According to the TETFund official, the increase in the disbursement fund for public tertiary institutions across the country was due to the increase of the education tax rate from 2.5% to 3% in 2023.

Speaking further, Echono said 90.57% of the 2024 disbursement fund has been suggested for direct annual disbursement to beneficiary tertiary institutions, while 8.4% was allocated for special interventions.

“A stabilisation of 2.27% is allowed to enable the Fund to respond to emerging issues.
“This is inclusive of the difference between actual collections and the projections made for November and December 2023 collections as requested and approved by Mr President,” Echono added.

Breakdown of 2024 TETFund disbursement

Echono disclosed that each beneficiary university will get N1,906,944,930.00 from TETFund for the 2024 intervention circle, while polytechnics will get N1,165,355,235 each.

“Based on this approval, each University shall get, for the Year 2024 intervention cycle, the total sum of N1,906,944,930.00.
“This comprises N1,656,944,930.00 as annual direct disbursement and N250 million as zonal intervention.
“Similarly, each Polytechnic shall get N1,165,355,235, comprising of N1,015,355,235 as annual direct disbursement and N150million as zonal intervention,” the TETFund executive secretary explained.

For Colleges of Education, Echono disclosed that each beneficiary institution will get N1,398,426,282, comprising N1,248,426,282.00 as annual direct disbursement and N150 million as zonal intervention.

Echino further stated that all beneficiary tertiary institutions are required to establish career centres with annual direct disbursements in line with new TETFund guidelines