The House of Representatives has directed the Tertiary Education Trust Fund (TETFund) to provide a detailed breakdown of its 2024 allocations.
It also urged TETFund to present the 2025 budget estimates to beneficiary institutions before further implementation.
This resolution followed the adoption of a motion by Rep. Sulaiman Gumi (PDP-Zamfara) on the floor of the House in Abuja on Tuesday.
Presenting the motion, he noted that Section 1 of the TETFund Act, 2011, authorises the assessment and collection of the Education Tax from the assessable profits of all companies registered in Nigeria.
He further stated that the tax is to be assessed and collected by the Federal Inland Revenue Service (FIRS) for remittance to TETFund.
He added that TETFund, among other statutory responsibilities, is tasked with administering and disbursing the tax funds to eligible public tertiary institutions for the advancement of education, knowledge, and skills.
The lawmaker expressed concern over reported cases of discrepancies in tax collections, accruals, remittances, transfers, and issues surrounding the judicious utilisation and equitable disbursement of the Education Tax Fund.
He added that TETFund’s 2024 budget lacked the necessary breakdowns and details of its expenditures and approved guidelines required for legislative scrutiny, as stipulated by law.
Adopting the motion, the House directed TETFund to submit reports of audited accounts of the fund, along with the receipts of beneficiary institutions, from 2018 to date.
The House also instructed TETFund to refrain from disbursing or authorising any funds until the detailed breakdown of its proposed 2025 budget has been scrutinised and approved by the House.
Furthermore, the House mandated the FIRS to submit a list of Education Tax payers and the total yearly amounts collected from 2011 to date.
The Committee on TETFund and other relevant committees were tasked with implementing the resolutions and reporting back to the House within four weeks. (NAN)
