TETFund reports significant strides in funding projects following Education Tax increase

The Tertiary Education Trust Fund (TETFund) has said the upward review in Education Tax from 2.5 to 3 per cent has yielded impressive results in funding projects for its beneficiary institutions.

Executive Secretary of the Fund, Sonny Echono stated this on Monday in Abuja at a one-day strategic interactive engagement with heads of beneficiary institutions.

He said this is expected to significantly enhance infrastructure, boost research capabilities, and support faculty development of tertiary institutions.

Echono said the increased Education Tax will be instrumental in achieving its mandate of providing supplementary support to public tertiary institutions, focusing on rehabilitation, restoration, and consolidation of public tertiary education in Nigeria. This, he noted, will ultimately improve the quality of education in these institutions.

According to him, the agency has evolved to enhance the quality of public tertiary institutions through Education Tax contributions.

His words: “The increase last year, in the Education Tax from 2.5% to 3% – authorized by the Commander-in-Chief, President Bola Ahmed Tinubu, represents a significant stride for TETFund. This change reinforces the government’s dedication to strengthening Nigeria’s educational framework. .

“We now enter the 2025 budget cycle with a stronger foundation, one that allows us to enhance our impact across the country’s tertiary institutions.

“At this juncture, the Fund wishes to extend our appreciation to the Federal Inland Revenue Service (FIRS), who have been our able and reliable partner from inception to date, for their steadfastness and diligence in ensuring the timely and transparent collection of funding accrued from the Education Tax in our beloved nation, to propel our tertiary institutions towards global recognition and excellence.

“The revenue generated from the education tax plays a significant role in maintaining and improving the infrastructure of our institutions, enhancing academic programs, and promoting accessibility for students from diverse backgrounds”.

The Guardian reports that there are over 260 beneficiary institutions, ranging from public universities, polytechnics and colleges of education.

On his part, the Chairman, Board of Trustees of TETFund, Aminu Bello Masari, called for the removal of politics from the education sector if we are to experience any real development.

He tasked tertiary institutions to start devising means of creating their own funds rather than depending solely on the government.

He said: “Let me start by commending ASUU for creating this intervention agency 21 years ago. And the Fund has kept faith with the low establishment rate in our higher institutions. That’s why we have some of the best institutions in the country. After 21 years, some institutions, with no apologies, and some people outside, see that the Fund is not just an intervention agency, but an agency that must shield its own responsibilities in education, which I believe is right.

“I think it is high time we start to think, especially you, about how to fund education in a sustainable way. We see intervention. Believe me, after 2 or 3 months, I, as chairman, receive requests from institutions, especially those that know me or know someone who knows me.”