CURRENT REPORT BLOG In a significant development for Nigerian universities, President Bola Tinubu has declared the reversal of the 40% Internally Generated Revenue (IGR) remittance policy to the government. This announcement, made during the 75th Anniversary and 2023 Convocation ceremonies at the University of Ibadan, brings about a pivotal shift in the financial dynamics of higher education institutions in the country.
Understanding the ReversalÂ
President Tinubu, represented by the Minister of Education, Prof. Tahir Mamman, communicated the decision to halt the implementation of the IGR remittance policy. The reversal comes as a response to the challenging economic times and the need for a more conducive policy environment for educational institutions. The Ministry of Finance has been actively involved in discontinuing the circular, showing the government’s commitment to supporting universities during this critical period.
Commitment to Education Sector
President Tinubu reiterated the government’s dedication to the education sector, aligning with the 2030 education agenda and the African Union’s goal for 2063. The announcement highlighted ongoing innovations and reforms, including comprehensive curriculum reviews at all levels, from primary to basic education. The reintroduction of skills-based education aims to address the out-of-school menace, demonstrating a forward-looking approach to the challenges facing the education sector.
Financial Accessibility Through Student Loans
Acknowledging the financial barriers to education, Tinubu emphasized the introduction of student loans as a strategic measure. The goal is to ensure that no student is left behind due to financial constraints, promoting inclusivity and equal access to quality education.
Attention to Welfare and Industrial Disputes
President Tinubu addressed the historical issue of industrial disputes, emphasizing his administration’s commitment to resolving welfare-related concerns. By pledging attention to factors contributing to industrial disputes, the government aims to foster a stable and conducive environment for both educators and students.
