By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
NewsunplugNewsunplugNewsunplug
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Reading: FG Begins 40% Revenue Deduction From Universities
Share
Notification Show More
Font ResizerAa
Font ResizerAa
NewsunplugNewsunplug
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Search
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Have an existing account? Sign In
Follow US
Newsunplug > Blog > News > FG Begins 40% Revenue Deduction From Universities
News

FG Begins 40% Revenue Deduction From Universities

hammed
Last updated: November 7, 2023 9:09 pm
hammed
Published: November 7, 2023
Share
SHARE

The Federal Government has commenced the implementation of an automatic 40 per cent deduction of Internally Generated Revenues of Federal Universities and other partially funded institutions across the country.

The auto-deduction policy of gross IGR is in line with the Finance Circular with reference number FMFBNP/OTHERS/IGR/CRF/12/2021 dated December 20, 2021.

The circular limits the annual budgetary expenditure from IGR of the partially funded federal government.

This was contained in a letter dated October 17, 2023, and titled ‘Implementation of 40% automatic deduction from internally generated revenue of partially funded federal government institutions’ by the Accountant-General of the Federation, Mrs Oluwatoyin Madein, to the universities and signed by director of Revenue and Investment, Office of the Accountant-General of the Federation, Felix Ore-ofe Ogundairo.

The letter referred to varsities vice-chancellors was assented to by the Minister of Finance, Wale Edun.

“I am directed to inform you that the Honourable Minister of Finance and Coordinating Minister of the Economy has approved the implementation of a 40% auto deduction from the Gross Internally Generated Revenue (IGR) of all Partially Funded Federal Government Institutions in line with the Provision of Section 62 of Finance Act, 2020 with effect from November 2023.

“Agencies/parastatals to not more than 50 per cent of their gross IGR and the remittance of 100 per cent of the remaining 50 per cent to the Sub-recurrent Account. All statutory revenue lines like Tender Fees, Contractor’s Registration Fees, Disposal of Fixed Assets, Rent on Quarters, etc shall be remitted 100 per cent to the Sub-recurrent Account.

“Consequently, all partially funded Agencies/Parastatals must align their budget requirements and ensure total compliance with the provision of Section 62 of Finance Act, 2020 and Finance Circular, 2021,” Ogundairo expressed.

Earlier, the federal government through the Minster of Education, Tahir Mamman, said it was giving varsities full autonomy to explore sources of financing their activities.

You Might Also Like

Trump issues order to defund U.S. public media, including PBS and NPR
Kano LG polls: 20 aspirants tested positive for cannabis, codeine, others – NDLEA
We’ll Not Arrest You If You Show Up In Court – EFCC Assures Yahaya Bello
Fed Govt, States To Partner On Electricity
Nigerians have lost faith in Naira and now save in Dollars – Wale Edun

Quick Link

  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
TAGGED:FGRevenue Deduction
Share This Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • “How To Get Rich Without Working?” – Fan Asks Cuppy, She Replies
  • Jude Bellingham Beats Kane And Rice To Player Of The Year Award
  • Nicole Kidman Files For Divorce From Keith Urban After 19 Years Of Marriage
  • UCL: Why Barcelona Lost 2-1 Against Us – Psg Manager, Luis Enrique
  • Man charged with murd£ring his parents and brother at their home

Recent Comments

No comments to show.

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]

Top Categories

  • Entertainment

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]
© 2023 Newsunplug | All Rights Reserved.
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?