40% automatic deduction from federal universities’ internally generated revenues (IGR) has been cancelled by President Bola Tinubu, who claims the policy is out of date at this time.
During a 75th Founder’s Day ceremony held at the University of Ibadan (UI) on Friday, Tinubu revealed this information. Tahir Mamman, the Minister of Education, was representing Tinubu.
Tinubu vowed in his speech as the guest of honor at the top university in the country to remain committed to reforming the education system as the cornerstone of national growth.
Tinubu said, “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 UI Chancellor and Sultan of Sokoto, Sa’adu Abubakar, had condemned the policy, citing the multidimensional challenges confronting the universities.
Abubakar urged the authorities to abrogate the decision, saying the policy had the potential of jeopardising the university system.