Education Tax Collection For This Year, Highest In Nigeria’s History- Echono

The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono has disclosed that the education tax collected in 2023 is the highest in a single year since the inception of the Fund.

Echono disclosed this in Abuja during an interactive session with heads of beneficiary institutions on the disbursement guidelines for 2024 intervention cycle.

The TETFund Boss attributed the high revenue to increases approved by the former and present administrations to 3 percent of accessible profit and other factors diligently implemented by the Federal Inland Revenue Service (FIRS) in collaboration with the TETFund.

While appreciating the FIRS for its diligent efforts in collecting the education taxes, Echono disclosed that in the proposed areas of focus under the 2024 intervention programme, TETFund has budgeted a significant increase in annual direct disbursements.

He stated that 90.54 percent of taxes generated is budgeted for direct disbursement, 6.5 percent for some projects and 2.94 for stabilization to enable the fund respond to emerging issues, all of which are subject to final distribution and approvals.

He added that the proposed new interventions in the annual direct disbursement include the establishment of Career Centre/Unit in all categories of beneficiary institutions, as well as institution-based skills development for polytechnics to improve the employability and career prospects of students.

“For the Special Direct Disbursement, we have increased the allocation and number of beneficiary institutions for the Special High Impact Programme (SHIP),” he said, adding that SHIP will also focus on “provision of hostels using the Public Private Partnership arrangement for selected Beneficiary institutions.”

He added, “We have sustained provisions for disaster recovery, security infrastructure; and completion of abandoned projects. We have also sustained allocations for research including national research, fund research and innovation fund, uptake of research findings to commercialization supervision of scholars Phd research.

“We have made provision for 4nos Central Multipurpose Laboratories and an additional provision for the 3nos Agricultural Laboratories/Farms initiated in 2023. We have sustained the implementation of the ICT roadmap with provision for converged services, subscription services for fixed cable /internet access and the TERAS initiative.”

Echono also disclosed that there will be upgrade of Laboratories, Workshops and Equipment to Universities, Polytechnics and Colleges of Education (Technical) for the 2024 Intervention Year, adding that there will also be the Early grade resource centers phase II to Colleges of Education (NCCE).

He described the year 2023 as “an impactful year that has witnessed series of programs while expressing the Fund’s determination to deepen research, promote innovation and honing of skills

He appealed to external stakeholders, including the National Assembly, to minimize distractions as TETFund mobilizes, harnesses and efficiently deploys all hands to the plough in restoring the tertiary institutions to the enviable heights envisioned by President Bola Tinubu.

He also called on all heads of institutions present to ensure the smooth and timely implementation of the Year 2023 allocation before the commencement of the 2024 intervention cycle.

Also speaking, the Permanent Secretary, Federal Ministry of Education, Mr David Andrew Adejo, described TETFund as one of the agencies that give succour to government.

He commended it for deciding to raise the disbursement percentage to 90.54 per cent instead of leaving it at the over 80 per cent disbursed in 2023.