The Tertiary Education Trust Fund (TETFund) says it collected a record-breaking Education tax of N1.5 trillion in 2024.
Executive Secretary of TETFund, Arch. Sonny Echono disclosed this on Monday at a One – day Strategic Interactive Engagement meeting held in Abuja.
Echono stated that this was made possible due to President Bola Tinubu’s increment of the Education tax from 2.5% to 3% in 2023.
“The increase last year, in the Education Tax from 2.5% to 3% – authorized by the Commander-in-Chief, President Bola Ahmed Tinubu, represents a significant stride for TETFund. This change, culminating with a record-breaking Education Tax collection of approximately 1.5 trillion Naira so far this year, reinforces the government’s dedication to strengthening Nigeria’s educational framework.
“We now enter the 2025 budget cycle with a stronger foundation, one that allows us to enhance our impact across the country’s tertiary institutions”, he said.
“At this juncture, the Fund wishes to extend our appreciation to the Federal Inland Revenue Service (FIRS), who have been our able and reliable partner from inception to date, for their steadfastness and diligence in ensuring the timely and transparent collection of funding accrued from the Education Tax in our beloved nation, to propel our tertiary institutions towards global recognition and excellence”, he said.
The Executive Secretary further noted that the revenue generated from the education tax played a significant role in maintaining and improving the infrastructure of the nation’s institutions, enhancing academic programs, and promoting accessibility for students from diverse backgrounds.
On his part, the Permanent Secretary, Federal Ministry of Education, Dr. Nasir Sani- Gwarzo averred that efficient use of funds and resources remained paramount.
“TETFUND’s mandate is one of trust, and as beneficiaries, we must uphold that trust by ensuring that funds are used judiciously and transparently. The Ministry is committed to supporting your institutions in setting up and strengthening mechanisms for accountability, reporting, and results-driven planning.
“For Nigeria to thrive in the knowledge economy, our institutions must be at the forefront of research and innovation. I encourage each institution to think creatively about how to leverage TETFUND resources not only for infrastructural development but also for fostering research that addresses national challenges, drives economic growth, and contributes to global knowledge”, he said.
Gwarzo further stated that, investment in infrastructure alone cannot elevate the nation’s education sector. Rather, “building capacity within our academic staff and administrative teams is essential to creating institutions that produce well-rounded, skilled graduates”.
