The Tertiary Education Trust Fund (TETFund) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have formalized a partnership to monitor and improve the flow of education taxes into the Fund.
The Memorandum of Understanding (MoU), signed in Abuja, aims to enhance data sharing, boost remittances and deepen transparency across Nigeria’s extractive sectors.
At the ceremony, TETFund Executive Secretary Arc. Sonny Echono said the collaboration aligns with President Bola Tinubu’s Renewed Hope Agenda and will tighten accountability in oil, gas and other extractive industries.
“This will ensure that taxes due to the Education Tax Fund are remitted, and even those who fail are identified and compelled to do so,” he said, adding that the agreement would reduce revenue shortfalls and help restore educational institutions swiftly.
Echono outlined steps already taken to bolster revenue collection, including the creation of a dedicated Department of Revenue and Investment.
Approved by TETFund’s Board of Trustees, this department has significantly improved the Fund’s performance by working directly with the Federal Inland Revenue Service to verify and collect education taxes from eligible companies.
NEITI Executive Secretary Dr. Orji Ogbonnaya Orji described the MoU as “timely and significant,” noting its role in ensuring transparent and effective use of resource revenues.
He revealed that between 2019 and 2023, TETFund accrued about ₦1.024 trillion—though accruals do not always match actual remittances. In 2023, accruals reached ₦644.19 billion, of which ₦624.32 billion was disbursed.
Dr. Orji emphasized that sustainable prosperity cannot rely solely on exporting raw resources. “By supporting tertiary education, research and innovation, TETFund plays a pivotal role in transforming finite mineral resources into infinite human capital,” he said.
Under the MoU, NEITI will supply real-time data on revenue accruals due to TETFund, aiding in timely remittances and evidence-based fund tracking.
The partnership also pledges joint efforts to expand scholarship access, strengthen research across public institutions and enhance overall educational outcomes.
Permanent Secretary of the Federal Ministry of Education Abel Olumuyiwa Enitan called the agreement “a strategic step toward sustainable development in the education sector,” praising its potential to unlock additional funding and improve oversight.
“Identifying and properly tracking this revenue source will lead to greater development in education,” he said, adding that the ministry fully supports the initiative.
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