The federal government has announced the cancellation of the automatic deduction of 40 percent from federal universities’ Internally Generated Revenue (IGR).
Minister of Education, Tahir Mamman, speaking at the 75th Founder’s Day ceremony of the University of Ibadan, noted that the 40 percent IGR automatic deduction policy is cancelled as it is not the best time for such a policy considering the economic reality.
Recall, in October, the Ministry of Finance notified academic institutions nationwide of its plan to automatically deduct 40 percent from their IGR, a move that generated mixed reactions, especially from the Academic Staff Union of Universities (ASUU), and other stakeholders.
ASUU had in a statement signed by its national president, Professor Emmanuel Osodeke, explained that universities were not revenue-generating agencies, saying that the obligatory fees paid by students were to provide the necessary tools for them to be properly educated.
Osodeke noted that the policy will impoverish the university system.
