CBN to Begin Disbursement of N30b Revitalisation Fund to Varsities

Written by on August 3, 2021

From next week, the Central Bank of Nigeria (CBN) will begin the disbursement of the N30 billion revitalisation fund set aside for them by the Federal Government.


But there is a requirement that each university must present an audit report on how it utilised previous disbursements.


Labour and Employment Minister Chris Ngige, who announced this in Abuja yesterday, said the Federal Government deposited the N30 billion with the CBN in January, 2021.


He explained that the fund was not immediately disbursed because the Federal Ministry of Education and the National Universities Commission (NUC) committee needed to evaluate the audit reports of the universities


The revitalisation fund is one of the seven key issues evaluated yesterday at a Federal Government’s meeting with the leadership of the Academic Staff Union of Universities (ASUU).


According to a statement by the Deputy Director of Press and Public Relations in the Federal Ministry of Labour and Employment, Charles Akpan, the two parties   expressed satisfaction with the implementation stages of what Ngige called “work in progress”.

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