President Bola Tinubu has ordered the immediate cancellation of a policy empowering the Federal Government to automatically deduct 40% from the internally generated revenues (IGR) of federal universities.
The policy was scheduled to commence in November 2023. Critics had deemed it detrimental to the financial stability of public universities.
Citing wrong timing and multidimensional challenges confronting federal universities, President Tinubu intervened to halt the implementation of the policy.
“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 at the 75th Founder’s Day ceremony of the University of Ibadan (UI) on Friday.