The federal government has begun implementation of a 40 percent automatic deduction from internally generated revenues of federal universities and other partially funded institutions.
The policy of 40 percent auto-deduction 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.
The information was contained in a letter that was issued by the accountant-general of the federation, Mrs Oluwatoyin Madein, to the universities titled ‘Implementation of 40% automatic deduction from internally generated revenue of partially funded federal government institutions.’
The letter on implementation of the policy dated October 17, 2023, and addressed to vice-chancellors of universities was approved by the Minister of Finance and coordinating minister of the economy, Wale Edun.
It was signed by the director of Revenue and investment in the office of the Accountant-general of the Federation, Felix Ore-of Ogundairo.
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