FG Allocates N940 Billion to TETFund in 2025 Budget for Education Development
The Federal Government has earmarked N940.5 billion for the Tertiary Education Trust Fund (TETFund) in the 2025 budget to support workforce development and infrastructure improvements in the education sector.
President Bola Tinubu, represented by Rakiya Iliyasu, Director of Tertiary Education at the Federal Ministry of Education, announced this on Saturday during the 42nd Founders’ Day and 33rd Convocation of the Federal University of Technology, Minna (FUT Minna).
Discussing the government’s initiatives to assist students through the Nigerian Education Loan Fund (NELFUND), he stated that over N104 billion in loans had been granted to more than 600,000 students across tertiary institutions in Nigeria.
The president encouraged universities to strengthen partnerships with industries and align research with real-world challenges to drive national development.
Congratulating the graduating students, Tinubu commended their perseverance and dedication, urging them to face the future with courage and a sense of purpose.
The Minister of Education, Tunji Alausa, earlier in January 2024, announced that TETFund would not fund new construction projects in 2025. Instead, priority would be given to maintaining and improving existing facilities in tertiary institutions, in line with a directive from President Bola Tinubu.
“One priority area we’re going to be doing is to fix these infrastructures. Rehabilitate, improve and get them to a very high standard,” Alausa stated.
He further explained that public universities, polytechnics, and colleges of education would use their 2025 intervention funds for the renovation of hostels, lecture halls, auditoriums, laboratories, classrooms, and offices to optimize the use of TETFund resources.
The federal government has also put forward amendments to the Tertiary Education Trust Fund (TETFund) Act, proposing that 30% of its revenue from the Federation Account be allocated to the Nigerian Education Loan Fund (NELFUND).
The amendment requires TETFund to set aside one-third of its revenue before distribution and transfer it to NELFUND, which was created under the Students Loans (Access to Higher Education) Act.
Additionally, the proposed legislation limits NELFUND’s annual administrative expenses to 5%, ensuring that no more than 5% of its income is spent on salaries, capital projects, and general operations, prioritizing financial aid for students.
The federal government had previously approved N643.4 billion as the 2024 allocation for tertiary institutions nationwide, with universities receiving N1.9 billion, polytechnics N1.16 billion, and colleges of education N1.39 billion under the intervention cycle.
