The Federal Government has finally bowed to pressure, thereby suspending the automatic deduction of 40 per cent from the Internally Generated Revenue, IGR, of tertiary institutions.
The reversal order was given by President Bola Ahmed Tinubu on Friday.
Tinubu spoke at an ongoing 75th Founder’s Day ceremony of the University of Ibadan (UI).
He was represented by the Minister of Education, Tahir Mamman, as the Visitor to the University, describing the policy as ill-timed.
“The 40 per cent IGR automatic deduction policy stands cancelled. This is not the best time for such policy since our universities are struggling,” he declared.
Last week, it emerged that the government was set to begin implementing a 40 per cent automatic deduction from internally generated revenues of federal universities and other partially funded institutions.