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JUST IN: Tinubu Backs Down On 40% IGR Deduction From Varsities | READ MORE

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JUST IN: Tinubu Backs Down On 40% IGR Deduction From Varsities | READ MORE

President Bola Tinubu on Friday, cancelled the proposed deduction of 40% of Internally Generated Revenues (IGR) from federal universities across the country.

Recall that the proposed deduction sparked reaction with the National president of the Academic Staff Union of Universities (ASUU), Professor Emmanuel Osodeke, and others, rejecting the proposal.

Announcing the cancellation, Tinubu who was represented by the Minister of Education, Tahir Mamman, at the 75th Founder’s Day ceremony of the University of Ibadan, said the policy implementation is “ill-timed” since Nigerian universities are struggling.

He also maintained that it was not the best time for such a policy since our universities are struggling.

“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 stated.

The deduction was earlier announced in a letter dated October 17, 2023, titled ‘Implementation of 40% automatic deduction from internally generated revenue of partially funded federal government institutions.

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 would take effect, November 2023, in line with the Finance Circular with reference number FMFBNP/OTHERS/IGR/CRF/12/2021 dated December 20, 2021.

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