NEITI: TETFund received N1.024tr from education tax in 5 years

The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Tertiary Education Trust Fund (TETFund) received a total of approximately N1.024 trillion in education tax revenues over the past five years.

This figure was disclosed during the signing of a Memorandum of Understanding (MoU) between NEITI and TETFund in Abuja, aimed at enhancing transparency, data sharing, and accountability in the management of education tax revenue.

Speaking at the event, NEITI Executive Secretary Dr. Orji Ogbonnaya Orji emphasized the significance of the MoU, noting that NEITI will supply TETFund with timely, credible, and independently verified data to support strategic planning, revenue forecasting, and tracking of remittances.

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“Through this partnership, NEITI will provide real-time data on revenue accruals due to TETFund and assist in ensuring prompt and accurate remittances.

Our joint effort will help uplift educational institutions, enhance scholarship access, and strengthen research across public tertiary institutions,” Dr. Orji stated.

He highlighted NEITI’s commitment to supporting TETFund with data that can be used to monitor fund utilization and ensure that the more than N1 trillion collected over five years is properly accounted for and effectively deployed.

According to NEITI’s audit reports of the extractive sector, TETFund received N322.99 billion in education tax revenue in 2022, which rose significantly to N571.01 billion in 2023—the highest annual inflow to date—while total accruals from 2019 to 2021 amounted to N644.19 billion, out of which N624.32 billion was disbursed.

These figures underscore the pivotal role of the extractive sector in funding Nigeria’s tertiary education system.

Dr. Orji stressed that the substantial education tax inflows must translate into tangible improvements—modern libraries, equipped laboratories, revitalized lecture halls, and forward-looking research that addresses 21st-century challenges.

TETFund Executive Secretary Arc. Sonny Echono described the MoU as a milestone in ongoing collaboration between both agencies.

He explained that the partnership would help ensure all due education tax revenues are remitted and recovered, where necessary, to support President Bola Ahmed Tinubu’s education development agenda.

Arc. Echono affirmed that the initiative would improve accountability and transparency in managing funds meant to enhance the nation’s educational infrastructure and academic output.