FundingOctober 25, 2022 2022-10-25 20:48
The Institute is a Federal Government Polytechnic; thus, the funding of the Institute is the sole responsibility of the Federal Government of Nigeria
The Federal Government also funds institutions through the Tertiary Education Trust Fund (TETFund) Interventions. Funding from other Government Agencies are also possible through properly articulated proposals for fundraising to the Agencies in their areas of interest. The Institute leverages on the above to secure assistance in the development of its infrastructural facilities. Most of these Agencies on approval of the proposals to assist the Institutions will process and award the contracts for execution in the beneficiary Institution. Thus, the Institute benefitted from such agencies of Government in its development. It should be noted that apart from the above funding sources, the Institute must look inward to generate its revenue internally. Thus, the popular slogan of Internally Generated Revenues (IGR) abounds everywhere.
NICTM keyed into the above sources of revenue to improve its infrastructural developments and also meet the welfare of its staff and students. The sources of funding can be summarised as follows: