Federal Government has announced the cancellation of the automatic deduction of 40 per cent from the internally generated revenues of federal universities.
The government says the policy implementation is ill-timed.
The President, Bola Tinubu Spike on Friday at an ongoing 75th Founder’s Day ceremony of the University of Ibadan (UI). He was represented by the Minister of Education, Tahir Mamman.
In his speech as the Visitor to the university, Mr Tinubu pledged his commitment to the reform of the nation’s education sector as the bedrock for national development.
The 40 per cent IGR automatic deduction policy stands cancelled. This is not the best time for such policy since our universities are struggling.”
Earlier in his welcome address, the Chancellor of the university and Sultan of Sokoto, Sa’adu Abubakar, had condemned the policy, citing the multidimensional challenges confronting the universities.
Mr Abubakar was said to have pleaded with the authorities to rescind the decision, saying the policy had the potential of grounding the university system.