FG to begin deduction of 40% of Nigerian Universities revenue 

The Federal Government has begun implementation of an automatic 40 percent deduction of internally generated revenue (IGR) of federal universities and other partially funded public institutions across the country.

This is in line with a finance circular with reference number FMFBNP/OTHERS/IGR/CRF/12/2021, dated December 20th, 2021.

The circular limits yearly budgetary expenditure from IGR of partially funded federal government-owned universities.

This was contained in a letter dated October 17th, 2023, and titled ‘Implementation of 40 percent automatic deduction from internally generated revenue of partially funded federal government institutions’ by the Accountant-General of the Federation, 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.