FIRS, TETfund to generate more fund for tertiary institutions
The Federal Inland Revenue Service (FIRS) and the Tertiary Education Trust Fund (TETFund), have concluded plans to generate more funds through the education tax collection from non-oil sector to finance tertiary institutions and their various projects.
TETfund’ Executive Secretary, Suleiman Bogoro, speaking at an interactive forum for stakeholders, themed: “Mitigating the Challenges of Education Tax Collection in a Recuperating Economy”, Bogoro noted that FIRS is making considerable efforts to grow taxes from the non-oil sector, while it looks forward to an increase in Education Tax from the present two per cent to four per cent of Assessable Profits.
He said an increase in tax collection would translate to more funds to finance institutions’ projects, thereby improving education quality.“State governments, who establish most of the institutions, abandoned their funding, particularly in the area of capital projects to TETFund. This has to some extent reduced our impact in funding the education sector,” he said.
The Chairman, FIRS, Dr. Tunde Fowler, represented by Special Assistant, Mr. Aina Abiodun, said tax payment is important and everyone should pay for a better Nigeria.