The Tertiary Education Trust Fund (TETFund) has announced that education tax revenue for 2024 has reached a record N1.5 trillion. This milestone, achieved after an increase in the education tax rate from 2.5% to 3%, reflects Nigeria’s strengthened commitment to advancing its tertiary education sector. TETFund Executive Secretary Sonny Echono shared this achievement at a recent meeting with leaders from TETFund-supported institutions in Abuja, expressing hope for continued progress.
Echono highlighted that the extra revenue will allow TETFund to increase funding for infrastructure, academic programs, and support for students from different backgrounds. He added that funds collected in recent years have strengthened the foundation for the 2025 budget, enabling TETFund to broaden its positive impact on Nigeria’s education system.
The meeting also stressed the need for cooperation between TETFund and the heads of beneficiary institutions. Echono encouraged these leaders to work closely with TETFund to build skilled human capital across Nigeria. He highlighted the importance of aligning efforts to help the fund achieve its mission of equipping Nigeria’s workforce with skilled professionals in all fields.
Dr. Nasir Gwarzo, Permanent Secretary of the Federal Ministry of Education, encouraged transparency and accountability in managing TETFund disbursements. He reminded attendees of the important role tertiary institutions play in building the future of Nigeria’s education system. Gwarzo expressed hope that these interactive sessions would help leaders improve their institutions and the entire education sector.
Senator Muntari Dandutse, Chairman of the Senate Committee on Tertiary Institutions and TETFund, stressed the crucial role of tertiary education in Nigeria’s growth and progress. He noted that higher education is not just about academics; it is also a critical social and economic foundation for the nation, equipping young people to thrive in a competitive global economy.
Dandutse assured the attendees of the committee’s commitment to supporting tertiary institutions and praised TETFund’s role in advancing Nigeria’s education sector. He also highlighted some ongoing challenges, such as inadequate infrastructure, insufficient teaching resources, and limited funding for research. He called on stakeholders to work together in addressing these issues.
With the 2025 intervention cycle approaching, leaders are hopeful that increased funding and strengthened collaboration between TETFund, the government, and educational institutions will address pressing challenges. They believe this unified effort will empower Nigeria’s tertiary institutions to fulfill their potential and drive positive contributions to the nation’s development.
The meeting concluded with a collective commitment from all leaders to strengthen partnerships that will benefit students, faculty, and the education sector as a whole
