There had been widespread condemnation of the policy of automatic deduction of 40 percent from the internally generated revenues of federal universities.
President Bola Tinubu has announced the cancellation of the automatic deduction of 40 percent from the internally generated revenues of federal universities.
He says the policy implementation is ill-timed.
Mr Tinubu spoke on Friday at an ongoing 75th Founder’s Day ceremony of the University of Ibadan (UI). He was represented by the Minister of Education, Tahir Mamman.
In his speech as a Visitor to the university, Mr Tinubu pledged his commitment to the reform of the nation’s education sector as the bedrock for national development.
Mr Tinubu said: “The 40 percent IGR automatic deduction policy stands canceled. This is not the best time for such a policy since our universities are struggling.”
This development was confirmed at the ongoing event, including the Lagos Zonal Coordinator of the Academic Staff Union of Universities (ASUU), Adelaja Odukoya. Mr Odukoya is a Professor of Political Science and Dean of the Faculty of Social Sciences at the University of Lagos.