In a groundbreaking move, President Bola Ahmed Tinubu has given his nod to the allocation of a staggering N683 billion as the Intervention Funds for public tertiary education institutions in the country for the year 2024.
The distribution of the funds is as follows:
– Public Universities: N1.9 billion each
– Public Polytechnics: N1.1 billion each
– Public Colleges of Education: N1.3 billion each
Notably, this year’s intervention fund sees a substantial increase compared to the 2023 allocation, which was capped at N320 billion. The significant boost in funding underscores the administration’s commitment to enhancing the quality of education in public tertiary institutions.
The announcement has been welcomed with enthusiasm, especially among stakeholders in the education sector, as it promises to address pressing financial needs and infrastructural development in universities, polytechnics, and colleges of education.
Furthermore, the much-anticipated students’ loan initiative, a pivotal component of the educational reform agenda, is set to commence later this month. This initiative aims to provide financial support to students pursuing higher education, easing the burden of educational expenses and fostering increased access to quality education across the nation.
