President Bola Ahmed Tinubu reversed the Federal Government’s decision to automatically deduct 40% from tertiary institutions’ Internally Generated Revenue (IGR).
Speaking at the University of Ibadan’s Founder’s Day, he deemed the policy ill-timed amid universities’ struggles.
The leaked memo hinted at the government’s plan to implement the deduction, stirring concerns due to the nation’s economic challenges and underfunded tertiary education.
Both ASUU and COEASU opposed the deduction, emphasizing universities’ non-profit nature and the impact on education accessibility and affordability. The Committee of Vice Chancellors also protested, citing universities’ lack of surpluses and reliance on student fees.
The policy sparked outrage, with ASUU warning of an indefinite strike and COEASU highlighting adverse consequences on teacher education if implemented.
Various stakeholders criticized the move, asserting that government-owned institutions are already underfunded, urging the government to prioritize education funding instead of further burdening institutions and students.
Educators like Dr. Michael Ogbemudia condemned the policy as regressive, while scholars like Nduka Odo stressed the importance of education as a non-profit sector for societal betterment.
These voices echoed concerns about the impact of the deduction on education accessibility, urging the government to reconsider its approach and invest in education for societal growth rather than focusing solely on revenue generation.
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