The federal government of Nigeria has approved intervention funds of N1.9billion each for the 40 federal universities and 34 state universities in the country.
This revelation was brought to light by the Tertiary Education Trust Fund, TETFund, on Monday, while giving a breakdown of intervention funds approved by the federal government for tertiary institutions.
Speaking in Abuja, during a press briefing, the Executive Secretary, TETFund, Abdullahi Baffa, said the government approved N213.4 billion for the schools for 2016, with the release and utilisation of the funds to be implemented in 2017.
Mr. Baffa said each of the 54 public polytechnics would receive N691.632 million as against N427 million in 2015.
He further added that each of the 40 federal universities and 34 state universities will receive N1.94 billion. Mr. Baffa added that each of the 55 colleges of education would receive N679 million.
He said this was the biggest annual disbursement given to any beneficiary institution since the establishment of TETFund.
“That is why academic staff training and development is allocated N300m for universities, N200m each for polytechnics and colleges of education as against N100m, N70m and N60m respectively, in 2015. While programme upgrade is allocated N565.41m for universities, N380.632m for polytechnics and N371.06m for colleges of education as against N100m, N70m and N72m respectively, in 2015,” stated Mr. Baffa.