President Bola Tinubu has cancelled the controversial deduction of 40 per cent of Internally Generated Revenues from federal universities across the country.
Gatekeepers News reports that the President who was represented by the Minister of Education, Tahir Mamman, spoke oat the 75th Founder’s Day ceremony of the University of Ibadan.
He described the policy implementation as “ill-timed”.
He also maintained that it was not the best time for such a policy since our 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.
He said, “The 40 per cent IGR automatic deduction policy stands cancelled. This is not the best time for such a policy since our universities are struggling.”
The Federal Government, in a letter dated October 17, 2023, titled ‘Implementation of 40% automatic deduction from internally generated revenue of partially funded federal government institutions,’ said it would begin the deduction with effect from November 2023.
The letter signed by the Accountant-General of the Federation, Mrs Oluwatoyin Madein, Director of Revenue and Investment, Office of the Accountant-General of the Federation, Felix Ore-ofe Ogundairo, said the auto-deduction policy of gross IGR was in line with the Finance Circular with reference number FMFBNP/OTHERS/IGR/CRF/12/2021 dated December 20, 2021.
