TETFund’s Record N1.6 Trillion Collection Reflects Economic Resurgence Under Tinubu, TMSG Affirms

The Tinubu Media Support Group (TMSG) has declared that the record N1.6 trillion received by the Tertiary Education Trust Fund (TETFund) for 2024 is compelling evidence of an economic resurgence driven by the financial re-engineering skills of President Bola Tinubu’s administration.

According to the group, this substantial increase stems from the 3% education tax levied on company profits and surpasses the combined total of N1.024 trillion received in the preceding five years, from 2019 to 2023.

In a statement jointly signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG highlighted the significance of this unprecedented allocation in TETFund’s history, originating from the 3% education levy on company profits, being recorded during President Tinubu’s tenure.

The statement elaborated: “If any doubts persist regarding a significant upswing in productivity within the first twenty-six months of President Bola Tinubu’s administration, the substantial increase in funds available to TETFund, derived from the 3% education levy on company profits, should dispel them without further argument.

“This surge is a key indicator that Nigerian companies are reaping the benefits of the administration’s economic reforms and financial re-engineering initiatives, particularly its enhanced tax collection strategies.

“Based on recent statements by the Chairman of TETFund’s Governing Board, Aminu Bello Masari, former Governor of Katsina State, the agency has received a record-breaking N1.6 trillion from the 3% education tax on company profits, as mandated by the TETFund Act. This represents the highest single-year receipt in the agency’s history.

“Comparing this to the previous single highest education tax collection of N571.01 billion in 2023, it is evident that the country has surpassed all expectations.

“The figure announced by the TETFund chairman is even greater than the cumulative sum received by the agency in the previous five years.

“Our research reveals that the intervention agency for Nigeria’s tertiary institutions received N644.19 billion between 2019 and 2021, N322.99 billion in 2022, and then experienced a significant increase to N571.01 billion in 2023.”

TMSG also provided insights into the benefits that the nation’s tertiary institutions will derive from TETFund’s record collection.

“According to the TETFund chairman, N460 billion, representing 40% of the fund, has been earmarked for direct interventions across tertiary institutions nationwide. This entails that three institutions in each state – a university, a polytechnic, and a college of education – will be selected to benefit from these allocations.

“Furthermore, N225 billion has been released to the Nigerian Education Loan Fund (NELFUND) for the student loan scheme, which has garnered widespread acceptance among thousands of Nigerian undergraduates.

“An additional N110 billion will be allocated to upgrade facilities in three medical schools within each of the six geopolitical zones. We understand that all 18 institutions have each received N4 billion to expand infrastructure and training programs in medicine, nursing, pharmacy, laboratory science, and other critical medical fields.

“Additionally, N70 billion has been allocated for the development of solar and gas-powered generation facilities to reduce reliance on grid electricity and improve the learning environment on campuses. We must also acknowledge the N25 billion designated for the installation of streetlights and other essential facilities to enhance security on campuses.

“It is crucial to note that all of these allocations are separate from the statutory annual intervention allocations to public tertiary institutions for 2025, which will see universities receiving N2.8 billion each, polytechnics receiving N1.9 billion each, and colleges of education receiving N2.1 billion each.

“Therefore, all indications suggest that the Tinubu administration has been unwavering in its commitment to ensuring adequate funding for publicly owned tertiary institutions in the country. It is now incumbent upon the school authorities to ensure the judicious use of funds received from the agency,” the statement concluded.

The group urged the TETFund board to ensure that the impact of the record collection and disbursement is felt across the country through proper monitoring and evaluation of projects, guaranteeing that the nation receives value for the funds expended.