President Bola Tinubu has cancelled the 40 per cent automatic deductions from internally generated revenues (IGR) of federal universities, saying the policy is inappropriate at this period.
Tinubu, who was represented by the Minister of Education, Tahir Mamman, disclosed this on Friday at an ongoing 75th Founder’s Day ceremony at the University of Ibadan (UI).
In his speech as the Visitor to the nation’s premier university, Mr Tinubu pledged his commitment to the reform of the education sector as the base for national development.
Tinubu said, “The 40 per cent IGR automatic deduction policy stands cancelled. This is not the best time for such policy since our universities are struggling.”
“We know that this law was enacted in 2020 and the circular was issued in 2021, but this is not a good time for such policy,” he said.
Tinubu reiterated its commitment to the education sector in line with the 2030 education agenda of the government and African Union goal 2063.
He said “The Federal Government is bringing more innovation to reform the entire education sector for curriculum review at all levels from primary to basic education with the reintroduction of skills to attend to out-of-school menace.”
The president noted that the introduction of students’ loans was to ensure that no student was left out of education due to poverty.
Reported by Vanguard and NAN