TETFund Records Over N60bn Revenue Decline- Echono

TETFund Records Over N60bn Revenue Decline- Echono

Chika Mefor-Nwachukwu

The Tertiary Education Trust Fund (TETFund) said it has recorded over N60 billion decline in revenue available for its operations.

Executive Secretary of TETFund, Arc Sonny Echono disclosed this on Thursday in Abuja when members of the House of Representatives Committee on Tertiary Education and Services, led by Hon Aminu Suleiman, paid an oversight visit to the agency.

Echono, while speaking on the operations of the Fund, said last year’s collection, which the Fund is using to operate this year, dropped to N189 billion.

“For example, as I said, from N154 billion in 2017, the tax collection rose steadily to N257 billion over the years.

“So by 2020, we’ve got N257 billion, but unfortunately, last year’s collection, which is what we use to operate this year, dropped sharply to N189 billion.

“So over N60 billion drop revenue or resources available to TETfund and the way we operate, 2021 collections are used for 2022 operations,” he said.

Echono however stated that given President Muhammadu Buhari commitment on increased funding for education, and with the usual support of the National Assembly, the tax rate last year was increased from 2 to 2.5%.

“But the target is that before the end of this administration, it will increase to three per cents, which is a commitment that the President has already given in writing the global community to the Global Partnership for Education,” he said.

Echono further commended the level of support and cooperation the Fund has enjoyed from the committee and the National Assembly, while seeking its support in effecting the amendment of the Fund.

Responding, Suleiman assured the Fund of its continued support and cooperation to ensure that the system continue to work stronger.

He said the visit was a legislative requirement on any legislatures through various committees that a minimum of an oversight must be conducted and the periodic report submitted to the house through the culinary bureaus to discuss matters, particularly challenges that agencies and monitors of those agencies are facing.

He also directed TETFund to mandate state institutions benefiting from its interventions to submit reports of their operations within three weeks.

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