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The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that over N1.02 trillion was generated for the Tertiary Education Trust Fund (TETFund) from the Education Tax Fund between 2019 and 2023.
The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, made this announcement in Abuja during the signing ceremony of a Memorandum of Understanding (MoU) with TETFund regarding data and information sharing.
He mentioned that the MoU would enable NEITI to collaborate with TETFund to ensure timely remittances through the prompt use of evidence-based data. Additionally, NEITI plans to provide real-time updates on revenue accruals to ensure transparency and aid in monitoring remittances and their usage.
The NEITI Executive Secretary emphasized that these collaborative efforts will improve educational institutions, increase access to scholarships, and enhance the research environment in public tertiary institutions.
He remarked, "The over N1 trillion accrued to TETFund in just five years must be properly accounted for, deployed efficiently, and transparently tracked.
It should result in modern libraries, functional laboratories, revitalized lecture halls, and cutting-edge research ready to address 21st-century challenges."
"This MoU signifies NEITI and TETFund’s commitment to a future of joint accountability, open data sharing, and measurable impact. This isn't merely a partnership between two organizations—it's a pledge to the Nigerian populace. A commitment to ensure that Nigeria's natural resource wealth benefits all citizens, particularly through education."
Earlier, TETFund’s Executive Secretary, Sonny Echono, described the historic MoU as the result of numerous discussions between the two agencies.
Echono highlighted the importance of clarity regarding tax compliance by companies to ensure they pay the correct tax amounts, as well as the need for transparency in revenue reporting to prevent inconsistencies between companies’ payments and their reports to the Federal Inland Revenue Service (FIRS).
He stated that the collaboration aims to bolster TETFund’s support for infrastructural development in tertiary institutions across Nigeria, utilizing NEITI’s reliable data and expertise in financial auditing and revenue tracking.
"We've explored several avenues to ensure accountability, especially in the oil, gas, and other extractive industries, to ensure that taxes owed to the educational tax fund are remitted, and those unpaid are recovered to increase revenue, allowing us to meet the President's goal of revitalizing our institutions promptly.
Establishing a framework to acquire accurate, credible, and current data on what these taxes should be is a priority for us," he added.
