President Bola Tinubu says the 40% deduction from the internally generated revenue of federal universities has been cancelled.
The president made the disclosure while speaking at the University of Ibadan’s (UI) 75th Founder’s Day ceremony in Ibadan, the Oyo state capital on Friday.
The President, represented by Minister of Education, Tahir Mamman, said the policy is shelved because it was ill-timed given the economic challenges the country is currently facing.
“The 40% IGR automatic deduction policy stands cancelled. This is not the best time for such a policy since our universities are struggling,” the minister said.
Recall that the federal government had in a letter dated October 17, 2023, informed federal universities that 40% of their internally generated revenues would be automatically deducted and paid into Treasury Single Accounts (TSA).
The decision attracted huge criticisms, especially from the Academic Staff Union of Universities, ASUU.
