Boss98.9 FM
The Federal Government has commenced the implementation of an automatic 40 per cent deduction of Internally Generated Revenues of Federal Universities and other partially funded institutions across the country.
This was contained in a letter dated October 17, 2023, and titled ‘Implementation of 40% 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.
The auto-deduction policy 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.
