Tinubu Scraps 40% IGR Deduction for Federal Universities, Deems Policy Ill-Timed.
President Bola Tinubu has taken a decisive step by canceling the automatic deduction of 40 percent from the Internally Generated Revenue (IGR) of federal universities.
The president, represented by the Minister of Education, Tahir Mamman, disclosed this significant policy adjustment on Friday during the ongoing 75th Founder’s Day ceremony at the University of Ibadan (UI).
In his address, President Tinubu expressed his commitment to the comprehensive reform of the nation’s education sector, emphasizing its pivotal role as the bedrock for national development. The decision to scrap the 40% IGR automatic deduction policy stems from the acknowledgment that its implementation is ill-timed, particularly considering the current challenges faced by universities in the country.
Tinubu cancelled 40% IGR deduction from universities
President Tinubu remarked, “The 40 percent IGR automatic deduction policy stands cancelled. This is not the best time for such a policy since our universities are struggling.” The move reflects a strategic understanding of the difficulties faced by educational institutions and the need for supportive measures rather than additional financial burdens.
This development has garnered attention within the academic community, with stakeholders applauding the decision to reassess and cancel the policy. The focus on the reform of the education sector aligns with the broader vision of enhancing the quality and accessibility of education in Nigeria.
As the nation navigates through various challenges, including those in the education sector, President Tinubu’s commitment to addressing pressing issues is seen as a positive step towards fostering a conducive environment for learning and development.
The cancellation of the 40% IGR automatic deduction policy is expected to alleviate financial strains on federal universities, allowing them to channel resources more effectively towards the enhancement of academic excellence.