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TETFund records over N60b revenue fall

By Kanayo Umeh, Abuja
05 August 2022   |   2:38 am
The Tertiary Education Trust Fund (TETFund), yesterday, said it had recorded over N60 billion decline in revenue for operations.

TETFUND

The Tertiary Education Trust Fund (TETFund), yesterday, said it had recorded over an N60 billion decline in revenue for operations.

The Executive Secretary, Sonny Echono, made the disclosure when members of the House of Representatives Committee on Tertiary Education and Services, led by Aminu Suleiman, paid an oversight visit to the agency in Abuja.

Echono, while speaking on operations of the fund and state of finances, especially from 2017 till date, pointed out that last year’s collection dropped to N189 billion.

He said: “We witness a steady rise in collections under the education tax, but unfortunately, last year, there was a sharp drop and that left us in a very dire position.

“For example, as I said, from N154 billion in 2017, the tax collection rose steadily to N257 billion over the years.

“So by 2020, we’ve got N257 billion, but unfortunately, last year’s collection, which is what we use to operate this year, dropped sharply to N189 billion.”

Responding, Suleiman assured the organisation of the committee’s continued support in ensuring that the system gets stronger.

He reiterated that the visit was a legislative requirement to have a feel of challenges being encountered by agencies and to better oversight them.

The chairman directed TETFund to mandate state institutions benefiting from its interventions to submit reports of their operations within three weeks.