The President Bola Tinubu-led administration has announced the cancellation of the automatic deduction of 40 per cent from federal universities' Internally Generated Revenue (IGR) after backlashes.
The Minister of Education, Tahir Mamman, stated this during his speech at the 75th Founder's Day ceremony of the University of Ibadan (UI) on Friday, November 17, while noting that the policy implementation was 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."
In October, the Ministry of Finance had notified academic institutions across the country of its plan to automatically deduct 40 per cent from their IGR.
The Academic Staff Union of Universities (ASUU) on Tuesday had lambasted the Federal Government's plan to automatically deduct 40 per cent from universities' Internally Generated Revenue, saying such would impoverish the university system.
This was stated in a communiqué by the ASUU president, Emmanuel Osodeke, dated 13th November, 2023 and obtained by journalist on Tuesday.
According to the statement, the union also condemned the implementation of the government's directive mandating public universities to remit forty per cent (40%) of their Internally Generated Funds (IGF) to the coffers of the government.
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