President Bola Tinubu has cancelled the plan to automatically deduct  40% from the internally generated revenues of federal universities.

President Tinubu who was represented by the Minister of Education, Tahir Mamman, stated this at the 75th Founder’s Day ceremony of the University of Ibadan (UI).

The President in his speech as the Visitor to the university, said the IGR deduction policy is “ill-timed”.

“The 40 per cent IGR automatic deduction policy stands cancelled. This is not the best time for such policy since our universities are struggling.”

Earlier in his welcome address, the Chancellor of the University and Sultan of Sokoto, Sa’adu Abubakar, had condemned the policy, citing the multidimensional challenges confronting the universities.

Sultan Abubakar also pleaded with the government to cancel the decision, saying the policy had the potential of grounding the university system.