President Bola Tinubu has cancelled the policy of automatically deducting 40 per cent of the internally generated revenues (IGR) of federal universities.
He said the policy was ill-timed and detrimental to the universities.
He made this announcement on Friday at the 75th Founder’s Day ceremony of the University of Ibadan (UI), where he was represented by the Minister of Education, Tahir Mamman.
He also expressed his dedication to the reform of the education sector as the foundation for national development.
“The 40 per cent IGR automatic deduction policy stands cancelled. This is not the best time for such policy since our universities are struggling,” Tinubu said.
The policy had been strongly criticized by the Chancellor of the university and Sultan of Sokoto, Sa’adu Abubakar, in his welcome address.
He cited the various challenges facing the universities and urged the authorities to reverse the decision.
He said the policy had the potential of grounding the university system.