The Nigeria Deposit Insurance Corporation (NDIC) says it has spent about N464 million to fund education projects in Nigeria's higher institutions as part of its contribution to the sector.

N264 million of the funds were expended between 2003 and 2009 in 25 federal universities and other higher institutions in the first and second phases of the Corporation's education assisted projects.

Twenty one of these projected have been completed and commissioned, NDIC's head of communication and public Affairs Hadi Sule Birchi has said. The funds were used to construct facilities such as students' hostels, lecture halls, classrooms, laboratories, academic offices, water and information technology (IT) facilities.

The beneficiary institutions were selected from the six (6) geo-political zones of the country and the Federal Capital Territory, to ensure wider and equitable coverage.

The projects were selected by the individual institution in consultation with the Corporation, which also has an effective project monitoring and evaluation system to ensure judicious utilization of the funds. Among the institutions that benefited from the first phase of the scheme include the University of Maiduguri, University of Benin, Federal University of Agriculture, Makurdi, Usman Danfodiyo University, Sokoto and Abubakar Tafawa Balewa University, Bauchi.

Others include Bayero University, Kano, Federal University, Uyo, Federal University of Technology, Owerri, Nnamdi Azikiwe University, Awka, University of Ilorin, University of Abuja, Obafemi Awolowo University, Ile-Ife and University of Ibadan. Under the second phase, the institutions that benefitted are Gombe State University, Gombe, Adamawa State University, Mubi, IBB University, Lapai, Niger State, University of Jos, Jos, Admadu Bello University, Zaria and Kebbi State Polytechnic, Birni-Kebbi.

Others include Adekunle Ajasin University, Akungba, University of Nigeria, Nsukka, Ebonyi State University, Rivers State University of Science & Technology, National Mathematical Centre, Abuja and Africa Institute of Science & Technology, Abuja.

The Corporation said it is extending the gesture to privately owned institutions in the country under the third phase of the scheme using 80 percent and 20 percent sharing formula for the N200 million set aside for the government and privately owned institutions respectively. Ten institutions will receive N20 million each.

They include Katsina State University, Katsina, Kaduna State Polytechnic, Zaria, Wukari Jubilee University, Bukar Abba Ibrahim University, Damaturu, Federal Polytechnic, Offa, the Ibadan Polytechnic, and Ajayi Crowther University, Oyo.

Others include Anambra State University of Science & Technology, Uli, Delta State University, Otefe and Akwa Ibom State University of Technology, Uyo.