The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Tertiary Education Trust Fund (TETFund) received an estimated ₦1.024 trillion in education tax revenues over a five-year period.
This was disclosed by NEITI Executive Secretary, Dr. Orji Ogbonnaya Orji, during the signing of a Memorandum of Understanding (MoU) with TETFund on Monday in Abuja. According to NEITI’s Deputy Director of Communication and Stakeholder Management, Chris Ochonu, the MoU aims to enhance data and information sharing between both agencies.
Dr. Orji stated that NEITI’s independently verified data would support TETFund’s strategic planning, revenue tracking, and accountability efforts. He emphasized that the collaboration will ensure timely remittances and provide real-time updates on funds due to TETFund, thereby strengthening transparency in fund usage.
He added that NEITI will continue to provide credible, independently validated data on revenue inflows from the extractive sector, helping TETFund monitor what is due, received, and outstanding. This, he noted, will promote accountability and support effective financial planning in the education sector.
According to NEITI’s audit reports, TETFund received ₦322.99 billion in 2022, and a record ₦571.01 billion in 2023. Between 2019 and 2021, total accruals stood at ₦644.19 billion, with ₦624.32 billion already disbursed—highlighting the extractive sector’s key role in funding education.
He stressed the importance of ensuring that the over ₦1 trillion in funds is effectively used to deliver modern infrastructure, enhance learning environments, and support innovative research.
In his remarks, TETFund Executive Secretary, Sonny Echono, described the MoU as a significant step in ensuring accountability and transparency in the management of education tax funds. He said the partnership would help TETFund recover unremitted taxes and increase funding for educational development, aligning with President Tinubu’s vision for the sector.
Also speaking at the event, Permanent Secretary of the Federal Ministry of Education, Abel Enitan, welcomed the collaboration and affirmed the ministry’s full support. He highlighted NEITI’s essential role in ensuring transparent implementation of the agreement.
Enitan also emphasized the urgent need to recover outstanding taxes owed by extractive companies, stating that doing so will benefit both current and future generations through enhanced educational outcomes.
