FG Asks Universities, Others To Remit 40% Revenue
The federal government has begun implementation of a 40 percent automatic deduction from internally generated revenues of federal universities and other partially-funded institutions.
The policy of 40 percent auto-deduction of gross IGR is in line with the Finance Circular with reference number FMFBNP/OTHERS/IGR/CRF/12/2021 dated December 20, 2021.
The circular limits the annual budgetary expenditure from IGR of the partially funded federal government.
The information was contained in a letter that was issued by the accountant-general of the federation, Mrs Oluwatoyin Madein, to the universities titled ‘Implementation of 40% automatic deduction from internally generated revenue of partially funded federal government institutions.’
The letter on implementation of the policy dated October 17, 2023 and addressed to vice-chancellors of universities was approved by the minister of Finance and coordinating minister of the economy, Wale Edun.
It was signed by the director of Revenue & Investment in the office of the Accountant-general of the Federation, Felix Ore-ofe Ogundairo.
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