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“N50 Billion UBEC Fund Laying In Commercial Banks” – Wike



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School Children
.Assures on improved funding for education.

The Supervising Minister for Education, Chief Nyesom Wike, has reiterated the commitment of President Goodluck Jonathan’s administration towards improving the standard of education nationwide through increased funding.

Wike’s disclosure was made Tuesday during a Stakeholders Town Hall meeting on,Tertiary Education Trust Fund,TETFUND,Intervention in tertiary Institutions in the South-East geo-political zone.

The meeting took place at the University of Nigeria,Enugu campus auditorium.

The Minister assured Vice Chancellors, Provosts and students of the commitment of the present administration in boosting funding for education saying’ “We have progressively increased the funds allocated to TETFUND. It is now left for the implementing institutions to access these funds and scale up the educational infrastructure in their various institutions.

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“If the institutions do not access these funds, it is a different ball game all together. We have given Universities; N3 Billion under, High Impact,Polytechnic, N2 Billion and Colleges of Education, N1 Billion.

“Government has equally earmarked N200 Billion for Federal and State Universities in the country. All stakeholders should join hands with Federal Government in funding education.

“About N50 Billion Universal Basic Education,UBEC, funds is still laying in the commercial banks un-accessed. Every year, these banks declare huge profits with the funds meant for tertiary institution’s education funding in the country simply because most of the institution have not seen the need to meet the stipulated guidelines to access these funds.

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“This meeting will afford us the opportunity to know the areas where you are investing in, your challenges and do a critical appraisal on how to move the education sector forwards”.

Earlier, the Acting Secretary, TETFUND, Mr. Aliyu Manya, revealed that the objectives of TETFUND is the make funds available to tertiary institutions in such a way that it will add value to research,learning and academics.

He maintained that as supervisory body, TETFUND provides guidelines for funds to be accessed while calling on tertiary institutions in the country to avail themselves of the funds derived from two percent tax deducted from cooperate companies annual income.

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