The disclosure was made by Sonny Echono, the Executive Secretary of Tertiary Education Trust Fund (TETFund), during the Fund’s strategic planning meeting with heads of beneficiary institutions in Abuja on Friday.

Echono outlined the breakdown of the approved funds, revealing that 90.75% is designated for direct disbursement, 8.94% for specific special projects, and 2.27% is earmarked for addressing emerging issues.

Each university in the Year 2024 intervention cycle is set to receive N1,906,944,930.00, while polytechnics and Colleges of Education will be allocated N1,165,355,235.00 and N1,398,426,282.00, respectively.

He stated, “I am pleased to inform you that Mr. President has approved the Year 2024 disbursement guidelines in the total sum of N683,429,268,402.64. From this total, 90.75% is budgeted for direct disbursement, and 8.94% for some designated special projects. A stabilization 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.”

Zubairu Abdullahi, the acting Permanent Secretary of the Federal Ministry of Education, expressed optimism about the renewed hope agenda outlined by President Tinubu.

He urged stakeholders to intensify efforts to align with and achieve these objectives. Notably, this year’s intervention funds mark a substantial increase compared to the capped N320 billion for the year 2023.