The Federal Government has allocated N940.5 billion to the Tertiary Education Trust Fund (TETFund) for the 2025 fiscal year to enhance manpower and infrastructure development in the education sector.
President Bola Tinubu represented by Rakiya Iliyasu, Director of Tertiary Education at the Federal Ministry of Education disclosed this on Saturday at the 42nd Founders’ Day and 33rd Convocation of the Federal University of Technology, Minna (FUT Minna).
Highlighting the government’s efforts to support students through the Nigerian Education Loan Fund (NELFUND), he said that over N104 billion in loans have been disbursed to more than 600,000 students across tertiary institutions in the country.
The president urged universities to deepen collaborations with industries, aligning research with societal needs to contribute meaningfully to national development.
Congratulating the graduates, Tinubu acknowledged their resilience and determination, encouraging them to embrace their future with confidence and purpose.
The Minister of Education, Tunji Alausa, announced earlier in January 2024 that TETFUND will not finance new constructions in 2025. Instead, the focus will be on maintaining existing facilities in tertiary institutions, following a directive from President Bola Tinubu.
“One priority area we’re going to be doing is to fix these infrastructures. Rehabilitate, improve and get them to a very high standard,” Alausa stated.
He added that public universities, polytechnics, and colleges of education will utilize their 2025 intervention funds for the renovation of hostels, lecture theatres, auditoriums, laboratories, classrooms, and offices to ensure maximum efficiency in the use of TETFUND resources.
The federal government also proposed amendments to the Tertiary Education Trust Fund (TETFUND) Act, reallocating 30% of its revenue from the Federation Account to fund the Nigerian Education Loan Fund (NELFUND).
A record of N643.4 billion was approved by the federal government as the 2024 disbursement for tertiary institutions nationwide, with universities receiving N1.9 billion, polytechnics N1.16 billion, and colleges of education N1.39 billion under the intervention cycle.