The Tertiary Education Trust Fund (TETFund) has reported that the education tax collected in 2023 reached a historic high, surpassing any previous year since its establishment.
TETFund’s Executive Secretary, Arc Sunny Echono, made this revelation during an interactive session with leaders of beneficiary institutions in Abuja, where he discussed disbursement guidelines for the 2024 intervention cycle.
Echono attributed this exceptional revenue increase to several factors, including the approval of a 3 percent share of accessible profit by both former and present administrations, as well as measures implemented by the Federal Inland Revenue Service (FIRS) in partnership with TETFund.
In response to the improved tax collections in 2024, TETFund has allocated a significant increase in annual direct disbursements as part of its intervention program.
Approximately 90.54 percent of the taxes generated will be directly disbursed, with 6.5 percent designated for specific projects and 2.94 percent for stabilization efforts.
Echono also announced plans to expand the Special High Impact Programme (SHIP) with upgrades to laboratories, workshops, and equipment in universities, polytechnics, and colleges of education (technical) for the 2024 Intervention Year.
Additionally, the Early Grade Resource Centers Phase II will be extended to Colleges of Education accredited by the National Commission for Colleges of Education (NCCE).
He called upon external stakeholders, including the National Assembly, to minimize distractions and support TETFund’s efforts to elevate tertiary institutions to the envisioned heights set by President Bola Tinubu.
In response, Prof Paulinus Okwelle, the Executive Secretary of the National Commission for Colleges of Education (NCCE), commended TETFund for its commendable activities in colleges of education throughout the nation.