The Nigeria Extractive Industries Transparency Initiative (NEITI) stated that a total revenue accrual to the Tertiary Education Trust Fund (TETFund) from Education Tax reached approximately N1.024 trillion in five years.
This is according to the NEITI industry reports of the Nigeria extractive sector.
The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, stated this in Abuja at the Memorandum of Understanding (MoU) signing ceremony between NEITI and TETFund.
Dr. Orji stated that the MoU being signed is on information and data sharing which ensures that NEITI’s verified data will feed into TETFund’s strategic planning, revenue forecasting, and accountability framework.
“Under the MoU, NEITI will work with TETFund to ensure timely and prompt remittances through early deployment of evidence-based data. NEITI will also provide real-time information on revenue accruals due to TETFund to guarantee transparency and support the Fund in tracking remittances and utilisation. Our joint effort will uplift educational institutions, enhance access to scholarships, and strengthen the research ecosystem across our public tertiary institutions.”
Dr. Orji further emphasized that NEITI’s role will be to continuously support TETFund with timely, credible, and independently validated data on revenue accruals from the extractive sector.
On the accruals to TETFund from education taxes from the extractive sector, a breakdown of the revenues from the NEITI’s industry audit reports shows that: In 2022, the total revenue accruals to TETFund stood at N322.99bn; In 2023, that figure rose significantly to N571.01bn, the highest annual inflow to date, while between 2019 to 2021, NEITI audit data shows that total accruals to TETFund amounted to N644.19bn, of which N624.32bn was disbursed. These disbursements highlight the centrality of the extractive sector in financing Nigeria’s tertiary education.
The Executive Secretary stressed that over N1.024tr that has accrued to TETFund in just five years must be fully accounted for, efficiently deployed, and transparently tracked. It must translate to modern libraries, functional laboratories, revitalized lecture halls, and cutting-edge research that meets the challenges of the 21st century.
The Executive Secretary of TETFund, Arc. Sonny Echono, in his welcome remarks, stated that the MoU signing ceremony is a landmark event from the series of engagements between TETFund and NEITI.
Arc. Echono explained that the MoU will enable TETFund and NEITI explore various avenues of ensuring accountability in the areas of tax accruals on education tax are duly remitted. He noted that this is to enable TETFund recover such funds to boost revenue for education development that promotes the agenda of Mr. President, Bola Ahmed Tinubu.
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