The Labour Party (LP) presidential candidate in the 2023 election, Peter Obi, has reacted as President Bola Ahmed Tinubu halts the automatic deduction of 40 percent from federal universities’ Internally Generated Revenues (IGR).
Bellnews reported that Tinubu announced the latest development on Friday at an ongoing 75th Founder’s Day ceremony of the University of Ibadan (UI) in Ibadan.
President Tinubu, represented by the Minister of Education, Tahir Mamman, said the policy implementation is ill-timed, adding that universities are struggling.
In his speech as a visitor to the university, Tinubu pledged his commitment to the reform of the nation’s education sector as the bedrock for national development.
In a statement via X, Peter Obi commended the Federal government for reversing its demand, stressing the 40% IGR underlines a lack of attention to the persistent abuse of the TetFund, currently not utilised to fund tertiary education.
He also urged the FG to promptly reorganise and revamp TetFund to fulfil its statutory role of funding Nigerian public universities, both Federal and state-owned.
The statement reads, “It is gratifying that the FGN has reversed its demand on the 40% IGR from universities. It is ab initio totally inconceivable that grossly underfunded universities would be expected to dole out 40% of their IGR to the FGN.
“Moreover, that demand underlines a lack of attention to the persistent abuse of the TetFund, which is presently not being properly utilised to fund tertiary education as initially envisaged.
“In fact, FGN should promptly reorganise and revamp TetFund, to fulfil its statutory role of funding Nigerian public universities both Federal and State owned, and also in assisting those owned by voluntary agencies.
“The time has come for the government to pay more attention to the financial autonomy of our public universities while fulfilling its statutory financial responsibility to our public tertiary education”