By Mohamed Fitr/ABUJA// The Tertiary Education Trust Fund (TETFund) Nigeria and the Extractive Industries Transparency Initiative (NEITI) have entered into a strategic partnership aimed at enhancing transparency and accountability in the collection and utilisation of the Education Tax, a key source of funding for Nigeria’s public tertiary institutions.
The partnership was formalised through the signing of a Memorandum of Understanding (MoU) on Monday at the Tetfund headquarters in Abuja. Orji Ogbonnaya Orji, Executive Secretary of NEITI, described the move as a strategic convergence of mandates, data, and national priorities.
According to Orji, the collaboration seeks to align NEITI’s mandate of ensuring transparency in the management of revenues from the extractive sector with TETFund’s role of deploying 2% Education Tax funds, largely generated from extractive companies and other sectors, to support research, infrastructure, and academic development in public tertiary institutions.
According to him over ₦1.5 trillion has accrued to TETFund in just five years and it must be fully accounted for, efficiently deployed, and transparently tracked. “it must translate to modern libraries, functional laboratories, revitalized lecture halls, and cutting-edge research that meets the challenges of the 21st century.
“Today’s MoU connects the source and the application of public revenues. NEITI tracks and verifies what is paid. TETFund ensures that what is received is invested for impact. Together, we are creating a value chain of accountability from extraction to education,” he said
Providing a five-year revenue overview, Orji revealed that between 2019 and 2023, Education Tax accruals to TETFund totalled approximately ₦1.024 trillion. Notably, in 2022, the fund received ₦322.99 billion, which rose sharply to ₦571.01 billion in 2023, the highest ever.
“These funds, drawn from sectors under NEITI’s audit scope including oil, gas, mining, banking, manufacturing, and telecommunications, highlight the extractive sector’s centrality in financing education,” he added.
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