President Bola Tinubu has announced the cancellation of the automatic deduction of 40 percent from federal universities’ Internally Generated Revenue (IGR)
The Minister of Education, Tahir Mamman, conveyed the president’s announcement during his speech at the 75th Founder’s Day ceremony of the University of Ibadan (UI) on Friday, November 17.
In October, the Ministry of Finance notified academic institutions nationwide of its plan to automatically deduct 40 percent from their IGR.
This move, generated mixed reactions, especially from the Academic Staff Union of Universities (ASUU), and other stakeholders.
ASUU had in a statement signed by its national president, Prof. Emmanuel Osodeke, explained that universities were not revenue-generating agencies, saying that the obligatory fees paid by students were to provide the necessary tools for them to be properly educated.
Osodeke noted that the policy will impoverish the university system.
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