By Olanrewaju Joseph (SIWES Student, OSCOTECH)
The Committee of Vice Chancellors of Nigerian Universities expressed their opposition to the Federal Government’s plan to deduct 40% of federal universities’ Internally Generated Revenues.
Prof. Yakubu Ochefu, the Secretary-General, conveyed this in response to the government’s letter dated October 17, 2023.
The letter, titled ‘Implementation of 40% automatic deduction from internally generated revenue of partially funded federal government institutions,’ stated that the deduction would commence from November 2023.
It was signed by Mrs. Oluwatoyin Madein, the Accountant-General of the Federation, and Felix Ore-ofe Ogundairo, Director of Revenue and Investment at the Office of the Accountant-General of the Federation, citing a Finance Circular from December 20, 2021.
