President Bola Tinubu has cancelled the automatic deduction of 40% from the internally generated revenues of federal universities, stating that the policy implementation is ill-timed.
Minister of Education, Tahir Mamman who represented Tinubu, made the announcement at the 75th Founder’s Day ceremony of the University of Ibadan (UI).
The cancellation has already been confirmed by the Lagos Zonal Coordinator of the Academic Staff Union of Universities (ASUU), Adelaja Odukoya, and Sultan Sa’adu Abubakar, who had earlier condemned the policy.
The policy, set to commence in November, mandated a 40% automatic deduction from universities’ internally generated revenues via the Treasury Single Accounts (TSA).
At the event, the president pledged commitment to education sector reform for national development.
