The President of Nigeria, Bola Ahmed Tinubu has announced the cancellation of the automatic deduction of 40 percent from federal universities’ Internally Generated Revenue (IGR), All Nigeria Latest News reports.
Tahir Mamman, the Minister of Education, delivered the president’s announcement during his address at the 75th Founder’s Day ceremony of the University of Ibadan (UI) on Friday, November 17.
In October, the Ministry of Finance informed academic institutions across the country about its intention to automatically deduct 40 percent from their Internally Generated Revenue (IGR).
This move, generated mixed reactions, especially from the Academic Staff Union of Universities (ASUU), and other stakeholders.
Prof. Emmanuel Osodeke, ASUU national president, had in a statement explained that universities were not revenue-generating agencies, saying that the obligatory fees paid by students were to provide the necessary tools for them to be properly educated.
The ASUU leader noted that the policy will impoverish the university system.
The Committee of Vice Chancellors of Nigerian Universities expressed their objection to the Federal Government’s plan in a protest letter, urging a reversal. They emphasized that it was inconsistent for the government to demand 40 percent of universities’ Internally Generated Revenue (IGR) while withholding autonomy.
To address the concerns raised, the president noted that the policy implementation is ill-timed.
He said: “The 40 percent IGR automatic deduction policy stands cancelled. This is not the best time for such a policy since our universities are struggling.”