President Bola Tinubu has made a decisive move to stop the immediate implementation of the policy mandating automatic 40% deduction from Internally Generated Revenue (IGR) of federal universities.
The decision was announced during the 75th Founder’s Day ceremony of the University of Ibadan (UI) on Friday, which was reported by the Minister of Education, Tahir Mamman.
“The rule of automatic deduction of 40% IGR is canceled. This is not the best time for such a policy as our universities are struggling,” President Tinubu said, stressing the obsolescence of the policy.
The policy, initially scheduled for November, was intended to deduct 40 percent of internally generated income deposited into university accounts through the treasury single account (TSA) mechanism.
The October 17 document, marked R&I/2045/T/252 and signed by Felix Ogundairo, director of the Department of Revenue and Investment, outlines the decision affecting all partially funded government agencies and government offices, including universities.
The basis for implementing the policy was compliance with Art. 62 of the Finance Act for 2020.
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