The Nigeria Extractive Industries Transparency Initiative (NEITI) announced that the Tertiary Education Trust Fund (TETFund) received approximately N1.024 trillion from the Education Tax over the past five years.
During a recent Memorandum of Understanding (MoU) signing in Abuja, NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, shared insights derived from NEITI’s industry reports on Nigeria’s extractive sector.
The MoU, as outlined by Deputy Director Chris Ochonu, focuses on data and information sharing, allowing NEITI’s verified data to inform TETFund’s strategic planning and accountability processes.
Dr. Orji highlighted that NEITI will facilitate timely remittances through evidence-based data and provide real-time updates on revenue accruals, thus enhancing transparency and supporting TETFund in monitoring the allocation and use of funds.
“Our collaboration aims to uplift educational institutions, improve access to scholarships, and bolster the research ecosystem within public tertiary institutions,” he noted, affirming NEITI’s commitment to supplying credible data on revenue from the extractive sector.
A detailed analysis of revenue accruals indicates that TETFund received N322.99 billion in 2022, with a remarkable increase to N571.01 billion in 2023—the highest annual inflow recorded thus far. From 2019 to 2021, total accruals reached N644.19 billion, with N624.32 billion disbursed, underscoring the extractive sector’s crucial role in financing tertiary education in Nigeria.
Dr. Orji stated, “This MoU links the sources of public revenues with their applications. NEITI verifies payments, while TETFund ensures effective investment of received funds, establishing a chain of accountability from extraction to education.”
He emphasised the necessity for thorough accounting of the over N1.024 trillion accrued to TETFund, urging that it be directed towards modernising libraries, laboratories, and lecture halls to meet contemporary educational challenges.
With this MoU, NEITI and TETFund pledge to uphold joint accountability, promote data transparency, and deliver measurable impacts. This partnership embodies a commitment to ensure Nigeria’s resource wealth serves all citizens, particularly in education.
TETFund’s Executive Secretary, Sonny Echono, described the MoU signing as a significant milestone in the collaboration between TETFund and NEITI. He highlighted its potential to ensure accountability in the remittance of education tax, enabling TETFund to recover funds crucial for educational development aligned with President Bola Tinubu’s agenda.
Echono also pointed out that the MoU will establish a framework for acquiring accurate and reliable data, enhancing revenue collection efficiency.
Mr. Abel Enitan, Permanent Secretary at the Federal Ministry of Education, welcomed the MoU as a foundation for sustainable educational growth, stressing the importance of transparency and NEITI’s role in both signing and implementing the agreement. He called for urgent measures to recover unremitted taxes from extractive companies to benefit current and future generations.
