ASUU, VCs reject FG’s demand for 40% of varsities’ IGR

The Academic Staff Union of Universities (ASUU), and the Committee of Vice Chancellors of Nigerian Universities have lashed out at the Federal Government over its plan to automatically deduct 40 per cent from the Internally Generated Revenue of universities in the country

Recall that the Federal Government had in a letter, dated October 17, 2023, titled: ‘Implementation of 40% automatic deduction from internally generated revenue of partially-funded Federal Government institutions,’ said it would begin the deduction with effect from November 2023.

The letter signed by the Accountant-General of the Federation, Oluwatoyin Madein, Director of Revenue and Investment, Office of the Accountant-General of the Federation, Felix Ore-ofe Ogundairo, also said the auto-deduction policy of gross IGR was in line with the Finance Circular with reference number FMFBNP/OTHERS/IGR/CRF/12/2021 dated December 20, 2021.