According to Sonny Echono, the executive secretary of the Tertiary Education Fund (TETFund), the board has awarded more than N400 billion to postsecondary educational institutions nationwide in 2023.
Speaking to reporters on Monday during the TETFund’s management retreat in Makurdi, Echono revealed this.
According to Echono, the money were distributed in two stages. The first phase began in 2023 and was approved for a distribution of over N320 billion.
According to him, the sum reflected both the current year’s payout and the backlog of earlier years that were not accessed.
“I am also happy to report that they have accessed more today,” he added. We have a backlog of allocations from prior years that some institutions have not yet accessed, but that number has increased as a result of process streamlining and the creation of a channel to help the institutions access their backlog.
As a result, we have already given our institutions close to N400 billion this year—much more than the budget—because the majority of the unpaid allocations are now being accessed. Additionally, we are clearing small obstacles that are impeding the completion of these projects.
Echono went on to say that current national law prevents the TETFund from being expanded to private institutions at this time.
“We currently only collaborate with private institutions in the field of research because we understand that knowledge is the result of collaboration and that research is universal,” he stated.
Therefore, we are urging them to take part and supporting private individuals or groups who have ideas. We are subject to the law going future, and we won’t be exempt if it is changed or expanded.