TETFund Received N1.024trn As Education Tax From Extractives Sector In 5yrs – NEITI
Stephanie Odiase
The Tertiary Education Trust Fund (TETFund) received approximately ₦1.024 trillion in five years as education tax from the extractive sector, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed.
The disclosure was made on Monday by the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, during the signing of a Memorandum of Understanding (MoU) between NEITI and TETFund, according to a statement by Mr. Chris Ochonu, NEITI’s Deputy Director, Communication and Stakeholders Management.
Details of the accruals as contained in the NEITI industry reports shows that in 2022, total revenue accruals to TETFund stood at ₦322.99 billion; In 2023, the figure rose significantly to ₦571.01 billion, the highest annual inflow to date.
The audit data further showed that between 2019 to 2021, total accruals to TETFund amounted to ₦644.19 billion, of which ₦624.32 billion was disbursed. “These disbursements highlight the centrality of the extractive sector in financing Nigeria’s tertiary education”, Dr. Orji pointed out.
According to Dr. Orji, the MoU signed by both agencies on information and data sharing seeks to ensure that NEITI’s verified data will feed into TETFund’s strategic planning, revenue forecasting, and accountability framework.
“Under the MoU, NEITI will work with TETFund to ensure timely and prompt remittances through early deployment of evidence-based data. NEITI will also provide real-time information on revenue accruals due to TETFund to guarantee transparency and support the Fund in tracking remittances and utilisation. Our joint effort will uplift educational institutions, enhance access to scholarships, and strengthen the research ecosystem across public tertiary institutions,” Dr. Orji said.
While emphasizing that NEITI’s role will be to continuously support TETFund with timely data on revenue accruals from the extractive sector, he said the support will enhance TETFund’s capacity to track what is due, what has been paid, and what is yet to be remitted, thereby promoting accountability and enabling proactive financial planning in the education sector.
“Today’s MoU connects the source and the application of public revenues. NEITI tracks and verifies what is paid. TETFund ensures that what is received is invested for impact. Together, we are creating a value chain of accountability—from extraction to education,” the Executive Secretary maintained, while stressing the need for accountability in the over ₦1 trillion that has accrued to TETFund in five years.
“It must translate to modern libraries, functional laboratories, revitalized lecture halls, and cutting-edge research that meets the challenges of the 21st century,” Dr. Orji stated.
The Executive Secretary of TETFund, Arc. Sonny Echono, in his remarks, explained that the MoU will enable TETFund and NEITI explore various avenues of ensuring accountability in the areas of education tax accruals.
He noted that the move will enable TETFund recover such funds to boost revenue for education development that promotes the agenda of President Bola Tinubu.
The Permanent Secretary, Federal Ministry of Education, Mr. Abel Enitan, who emphasized the Ministry’s support, highlighted the importance of transparency and NEITI’s vital role not just in signing the MoU, but also in implementing the document.
He called for urgent need to recover extractive companies’ unremitted taxes for education development that will impact the present and generations unborn.
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