“This comprises N954,732,123.00 as annual direct disbursement and N200million as zonal intervention. Similarly, each Polytechnic shall get N699,344,867.00 comprising of N569,344,807.00 as annual direct disbursement and N130million as zonal intervention, while each College of education shall get N800,862,602 comprising of N670,862,602.00 as annual direct disbursement and N130million as zonal intervention.
Echono further stated that the fortunes of the Nigerian tertiary education sector has improved significantly under the Buhari’s administration, saying that between 2015 to date, the total sum of N1.702 trillion has been disbursed as education tax collection to public universities, polytechnics and colleges of education compared to a total sum of N1.249trillion disbursed from the inception of the Fund in 1993 up to 2014.
Echono also urged Buhari, as a parting gift to the education sector, to give his assent to Finance Bill 2023, which provides for a further increase in education tax from 2.5% to 3%.
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