The Federal Government says it has become imperative for tertiary institutions in Nigeria to publish their financial allocations online on their websites.
It had therefore directed all Vice-Chancellors, Rectors, and Provosts of its tertiary institutions to publish such key institutional data online for public consumption with immediate effect and not later than May 31, 2025.
The Minister of Education, Dr. Maruf Tunji Alausa, who stated it said the move will promote transparency, accountability, and good governance within Nigeria’s tertiary education system.
This was made public by the Director of Press and Public Relations of the Federal Ministry of Education, Boriowo Folasade in a press statement.
He quoted the Minister as saying that each institution must disclose its Annual Budgetary Allocation in full detail, including the breakdown of expenditure across three key areas: personnel costs, overhead costs, and capital expenditure.
Additionally, institutions must disclose their Research Grant Revenue from the previous year.
“This data should be categorised into two distinct sources: grants from domestic bodies such as local industries, government agencies, or foundations, and grants from international sources, including foreign institutions, multilateral organisations, and development partners,” the statement said.
Furthermore, institutions were required to display their TETFund Allocation for the current year, clearly showing the total amount received for academic and infrastructural development.
The directive also mandated the publication of the total value of the institution’s Endowment Fund as recorded at the end of the previous year.
This figure, which reflects funds donated or invested for the institution’s long-term financial health, must be updated quarterly.
Finally, institutions must present their current Total Student Population, categorised into undergraduate and postgraduate levels, providing a clear picture of enrollment and institutional capacity.
