(Ecofin Agency) - The Tertiary Education Trust Fund (TETFund) has announced that the Federal Government approved the 2016 intervention fund for tertiary institutions in Nigeria with the release and utilization to be implemented this year.

This was disclosed by the Executive Secretary of TETFund, Abdullahi Baffa (photo), at a media briefing on Monday. According to him, the fund is valued at more than N213.4 billion.

Giving a breakdown of the intervention fund, Baffa said the 40 federal universities and 34 state universities would receive N1.94 billion each, each of the 54 public polytechnics would receive N691 million while each of the 55 colleges of education would receive N679 million.

The Executive Secretary noted that the fund is the biggest yearly payment given‎ to beneficiary institutions since the establishment of the fund with the release and utilization of the funds to be implemented in 2017.

“What was given this year is more than three times what was allocated in the previous year,” he said adding that the fund will monitor the money allocated to each institution so as to ensure that the money was wisely utilized.

TETFund aims to help improve education by providing funds to help maintain essential physical infrastructure for teaching and learning and make provision for Academic staff training and development amongst others.

Anita Fatunji