TETFund’s N1.6trn record, evidence of Tinubu’s economic resurgence

The Tinubu Media Support Group (TMSG) has said the record N1.6 trillion received by the Tertiary Education Trust Fund (TETFund) for 2024 is a major proof of economic resurgence arising from the financial re-engineering skill of President Bola Tinubu’s administration.

This, according to the group, is because the amount received from the 3% education tax on company profits is more than the combined amount of N1.024 trillion received in the last 5 years between 2019 and 2023.

In a statement signed by its chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG said it was instructive that the highest allocation in the agency’s history, stemming from a 3% education levy on company profits was recorded on the watch of the Tinubu administration.
It said: “If there are still doubts about a major rise in productivity in the first twenty-six months of the President Bola Tinubu administration, the quantum leap in funds available to the interventionist agency, TETFund, from the 3% education levy on company profits should be enough to clear the air without rhetoric.

“It is a major indicator that Nigerian companies have been reaping the benefits of the economic reforms of the administration as well as the financial re-engineering initiatives of the administration, especially its improved tax collections.

“Judging from recent assertions of the Chairman of TETFund’s Governing Board and former Governor of Katsina State, Aminu Bello Masari, the agency has received a record-high N1.6 trillion from the 3% education tax on company profits as mandated by the TETFund Act. This, according to him, is the highest receipt in one single year in the history of the agency.
“When placed side-by-side with the previous single highest education tax collection of N571.01 billion in 2023, it is quite obvious that the country has exceeded all expectations. This is more so than the figure announced by the TETFund chairman, which is more than the combined sum that the agency received in the previous five years.

“From our research, a breakdown of what the intervention agency for Nigeria’s Tertiary institution received in recent years shows that it got N644.19 billion between 2019 and 2021, N322.99 billion in 2022 before the significant rise in 2023 to N571.01 billion.”

TMSG also provided some insight into what the nation’s tertiary institutions would be receiving on the back of the record collection by TETFund.

“To quote the TETFund chairman, N460 billion, which is 40% of the fund, has been earmarked for direct interventions across tertiary institutions nationwide. This means that three institutions in each state, a university, a polytechnic, and a college of education, would be selected to benefit from these allocations.

“And of course, we now know that N225 billion has been released to the Nigerian Education Loan Fund (NELFUND) for the student loan scheme, which has now been fully embraced by thousands of Nigerian undergraduates.

“In addition, N110 billion is to be used to upgrade facilities in 3 medical schools in each of the 6 geopolitical zones. We understand that all 18 institutions have received N4 billion each to expand infrastructure and training programmes in medicine, nursing, pharmacy, laboratory science, and other critical medical fields.
“There is also N70 billion that has been allocated for the development of solar and gas-powered generation facilities to reduce dependence on grid electricity and improve the learning environment on campuses. And not to forget the N25 billion set aside for the installation of street lights and other necessary facilities to enhance security on campuses.

“We, however, need to add that all these are outside of the statutory annual intervention allocations to public tertiary institutions for 2025, which saw universities receiving N2.8 billion each, polytechnics receiving N1.9 billion and colleges of education receiving N2.1 billion each.

So, from all indications, it is safe to assert that the Tinubu administration has not held back in ensuring adequate funding for public-owned tertiary institutions in the country. The onus is on the school authorities to ensure judicious use of funds received from the agency,” the statement added.

The group urged the TETFund board to ensure that the impact of the record collection and disbursement is felt across the country by ensuring proper monitoring and evaluation of projects to ensure that the country gets value for funds spent.