PRESIDENT Bola Tinubu has cancelled the 40 per cent internally generated revenue (IGR) deduction policy from federal universities.
The President said the policy implementation was shelved because it was ill-timed, given the economic challenges the country is facing.
The new directive by the President was conveyed by the Minister of Education, Tahir Mamman, at the University of Ibadan’s (UI) 75th Founder’s Day ceremony on Friday, November 17.
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“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,” he said.
Recall that a letter dated October 17, 2023, had said the government planned to automatically deduct 40 per cent of the internally generated revenues deposited in university accounts through the Treasury Single Accounts (TSA).
Before the latest government’s position, the Academic Staff Union of Universities (ASUU) and the Senior Staff Association of Nigerian Universities (SSANU), among other workers’ unions, were up in arms against the Federal Government over the proposed deduction.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.