The Central Bank of Nigeria will commence the disbursement of the N30 billion revitalisation fund allocated for universities by the Federal Government.
But each university will be required to 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.
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).
ASUU President Emmanuel Osodeke expressed satisfaction with the outcome of the meeting and promised that the union would reach out to its members.
