The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, revealed on Monday that the board has disbursed a staggering sum of over N400 billion to tertiary institutions nationwide in the year 2023.
Speaking during TETFund’s management retreat in Makurdi, Echono explained that this substantial amount encompassed both the backlog from previous years and the disbursement for the ongoing year.
The disbursement occurred in two phases, with the initial phase taking place in 2023, approving an allocation of approximately N320 billion.
Echono happily reported that institutions accessed even more than the approved amount, attributing the increase to streamlined processes facilitating the clearance of backlog allocations.
He stated, “So, now we are in the neighbourhood of about N400 billion that we have disbursed to our institutions this year, far in excess of the budget because most of the outstanding allocations are now being accessed.
We are also removing little bottlenecks that are hampering the completion of these projects.”
While addressing the collaboration with private institutions, Echono clarified that, as per the current law, TETFund cannot be extended to private institutions.
However, he highlighted ongoing encouragement for private institutions to participate in research initiatives, emphasizing the universal nature of research and knowledge collaboration.
Looking ahead, Echono expressed TETFund’s commitment to abiding by existing laws but noted that any amendments and extensions to the law could potentially alter their current limitations concerning private institutions.
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