The Central Bank of Nigeria (CBN) is set to begin the disbursement of the N30 billion revitalization fund set aside for them by the Federal Government from next week.

However, the condition attached to the fund is that each university must present an audit report on how it utilised previous disbursements.

The development was announced by Labour and Employment Minister Chris Ngige, in Abuja, adding that the Federal Government had deposited the N30 billion with the CBN in January.

He further 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.

This is one of the seven key issues evaluated at a Federal Government’s meeting with the leadership of the Academic Staff Union of Universities (ASUU).

The Deputy Director of Press and Public Relations in the Federal Ministry of Labour and Employment, Charles Akpan, in a statement, said the two parties expressed satisfaction with the implementation stages of what Ngige called “work in progress”.

Ngige who pointed that some of the items in the Memorandum of Action (MoA) were nearly done hundred percent within the timeline, added that the National Information Technology Development Agency (NITDA) was directed to expedite action on the integrity test on the University Transparency Accountability Solution (UTAS). If successful, it would eliminate the challenges posed by the peculiarities of the university system to the current payment platform.

“The report has been turned in, deliberated upon and the Education Ministry and the NUC have promised to write to the Accountant General of the Federation next week for the release of the money to the NEEDS Special Account for onward disbursement to universities shortly,” Ngige said.

According to him, apart from the N40 billion Earned Allowance, which the Federal Government has already paid, the Budget Office had shown evidence that N22 billion Earned Allowances for 2021 was already captured in the 2021 supplementary budget.

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