President Muhammadu Buhari Monday, 24th September, approved the immediate release of N20 billion as Academic Staff Union of Universities, ASUU’s request for revitalisation fund of public universities.

In a statement released on Twitter by the Federal Ministry of Finance, the funds will be released to beneficiary universities in line with the established criteria used by the National University Commission, NUC.

“Progress of the implementation will be monitored with a view to resolving emerging issues and keeping the government’s promises to relevant stakeholders.

“Regarding funding measures for the revitalisation of Public Universities, recall that ASUU signed an MoU with the federal government sometime in 2013 on the terms and conditions on which the government would improve funding for staff welfare and provision of critical infrastructure.

“However, the implementation of this bilateral agreement has had certain challenges due to revenue shortages and other reasons,” the statement added.

In same vein, the president has approved N22.68 billion retirement benefits of ex-workers of the Nigeria Airways limited (in Liquidation).

Regarding the settlement of outstanding retirement benefits due to the Ex-workers of the Nigeria Airways, the initial submission for their retirement benefits was N78 billion.

The statement pointed out that the said amount was verified by PICA & other relevant stakeholders in line with the condition of service of Nigeria Airways Limited in liquidation and other extant rules and regulations. At the end of verification, N45 billion was agreed as total retirement benefits of affected staff