New Telegraph

February 24, 2024

TETFund: We’ve injected N2.5trn into varsities, others in 10 years

The Federal Government has said it has spent over N2.5 trillion on infrastructure and staff development in public universities, polytechnics and colleges of education in the last 10 years through the Tertiary Education Trust Fund (TETFUND). TETFund Chairman, Board of Trustees, Kashim Ibrahim-Imam, who made this known at the 3rd Tax Payers Forum with the theme:

‘TETFUND Intervention: Catalyst for Transforming Tertiary Education in Nigeria’ on Thursday in Lagos, also said the body was looking at injecting more than N500 billion education tax collection in 2023. While disclosing that N120 billion was budgeted for education in 2020, he said the budget was increased to N300 billion in 2021 to cover its interventions in over 226 higher institutions nationwide, and more than N30 billon was set aside for academic staff training in various institutions.

Ibrahim-Imam, who urged the Federal Inland Revenue Service (FIRS), to work towards increasing the education tax collection to N500 billion in the next two years, promised to ensure that intervention to the beneficiary institutions would be increased by 50 per cent in the coming year, and by 100 per cent in two years. According to him, the BoT has approved the construction of 160,000 additional bed spaces in institutions to tackle shortage of hostels in universities.

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