President Bola Tinubu has announced the cancellation of the automatic deduction of 40% from the internally generated revenues of federal universities, stating that the policy implementation is ill-timed.
Starlitenews reports that the decision to cancel the policy was conveyed at the 75th Founder’s Day ceremony of the University of Ibadan (UI), where Tinubu, represented by the Minister of Education, Tahir Mamman, pledged commitment to education sector reform for national development.
“The 40 per cent IGR automatic deduction policy stands cancelled. This is not the best time for such policy since our universities are struggling”, he said.
The cancellation was confirmed by the Lagos Zonal Coordinator of the Academic Staff Union of Universities (ASUU), Adelaja Odukoya, and Sultan of Sokoto, 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).