Federal Government has commenced implementation of an automatic 40 per cent deduction of internally generated revenue (IGR) of federal universities and other partially funded public institutions across the country.
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The Guardian learnt this was in line with a finance circular with reference number FMFBNP/OTHERS/IGR/CRF/12/2021, dated December 20, 2021.

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

This was contained in a letter dated October 17, 2023, and titled ‘Implementation of 40 per cent 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.
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