The Tertiary Education Trust Fund (TETFund) has announced that it has collected N1.5 trillion in Education Tax so far this year.
Sonny Echono, the fund’s Executive Secretary, revealed this milestone at a stakeholders’ engagement in Abuja yesterday, calling it a record achievement.
Echono attributed the increase to President Bola Ahmed Tinubu’s approval to raise the tax rate from 2.5 percent to 3 percent last year.
The TETFund boss explained that the revenue generated through the education tax plays a significant role in maintaining and improving infrastructure at the nation’s institutions, enhancing academic programs, and promoting accessibility for students from diverse backgrounds.
He said: “The increase last year, in the Education Tax from 2.5 per cent to 3 per cent – authorised by the Commander-in-Chief, President Bola Ahmed Tinubu, represents a significant stride for TETFund. This change, culminating in a record-breaking Education Tax collection of approximately N1.5 trillion so far this year, reinforces the government’s dedication to strengthening Nigeria’s educational framework.
“We now enter the 2025 budget cycle with a stronger foundation, one that allows us to enhance our impact across the country’s tertiary institutions.
At this juncture, the fund wishes to extend our appreciation to the Federal Inland Revenue Service (FIRS), which has been our able and reliable partner from inception to date, for its steadfastness and diligence in ensuring the timely and transparent collection of funding accrued from the Education Tax in our beloved nation to propel our tertiary institutions towards global recognition and excellence.”
Echono said this year has been eventful for the agency with several activities, including the inauguration of the much-awaited Board of Trustees (BoT), chaired by former Katsina State Governor Aminu Masari, who, with his board members, have been steering the agency in the right direction for sustained impact.
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