Education Tax: TETFund generates N1.024trn revenue in 5 Years

By Tom Okpe

The Education Trust Fund, TETFund has revealed that over the past five years, it has generated a total revenue of N1.024 trillion, approximately.

It also informed that the Nigeria Extractive Industries Transparency Initiative, NEITI, signed a Memorandum of Understanding, MoU, to promote transparency and accountability in the management of revenue from Nigeria’s extractive industries.

The partnership aims to ensure revenues earned from natural resources are efficiently deployed to promote development, reduce poverty, and advance National aspirations.

The MoU signing ceremony was marked by a presentation of key figures from NEITI’s audited industry reports, which showed that total revenue accruals to TETFund stood at ₦322.99 billion in 2022 and rose significantly to ₦571.01 billion in 2023.

READ ALSO: TikToker Jarvis Opens Up on Childhood Struggles, Forced Labor

NEITI’s Executive Secretary, Dr Orji Ogbonnaya Orji, made this known in Abuja on Monday, emphasizing that the partnership is timely and significant, as both organizations are united by a common goal to ensure transparency and accountability in the management of public revenues.

He said: “NEITI’s mandate is to track what is earned, what is paid, and what is remitted into Government coffers, while TETFund plays a crucial downstream role in managing and deploying the 2% Education Tax to develop infrastructure, support research, and improve teaching and learning in public tertiary institutions.

“The partnership aims to create a value chain of accountability from extraction to education, ensuring that verified data feeds directly into TETFund’s strategic planning, revenue forecasting, and accountability framework.”

Dr Orji also stated that investing in education is crucial for National development, as it converts finite mineral resources into infinite human capital.

“The partnership will ensure timely and prompt remittances through early deployment of evidence-based data, provide real-time information on revenue accruals due to TETFund to guarantee transparency and support the Fund in tracking remittances and utilisation.

“It will foster closer collaboration between Government institutions and academia, promote research, grounded in data, policy that is informed by evidence, and investments that are aligned with National development priorities.”

He called for collective responsibility in ensuring that the over ₦1.5 trillion that has accrued to TETFund in just five years is fully accounted for, efficiently deployed, and transparently, tracked.

“The partnership is a covenant with the Nigerian people, a promise to ensure that Nigeria’s natural resource wealth truly works for every citizen, especially through education.

“This partnership between NEITI and TETFund marks a significant step towards promoting transparency and accountability in the management of public revenues.

“By working together, the two organizations aim to create a brighter future for Nigeria’s education sector and contribute to the country’s overall development,” he added.