EDUCATION: TETFund Expended N2.5 Trillion On Tertiary Institutions In 10 Years
Lagos- The Tertiary Education Trust Fund (TETFund) claimed it expended more than N2.5 trillion in the development of infrastructure and staff development in Public Universities, Polytechnics and Colleges of Education in Nigeria in the last 10 years.
Chairman, Board of Trustees of TETFund, Kashim Ibrahim-Imam, who stated this on Thursday, at the 3rd edition of Tax Payers Forum with the theme: TETFUND Intervention: Catalyst for Transforming Tertiary Education in Nigeria” in Lagos, also disclosed that the agency is targeting more than N500 billion education tax collections by 2023.
He also promised to ensure that intervention to the beneficiary institutions would be increased by 50 per cent next year and 100 per cent in two years.
Ibrahim-Imam, disclosed that for this year alone, TETFund budgeted the sum of N300 billion to over 226 higher institutions across the country in 2021.
He noted that the agency had budgeted N120 billion to education in 2020, adding that this was increased to N300 billion in 2021, while tasking the Federal Inland Revenue Service on increasing the education tax collection to N500 billion in the next two years.
According to him, more than N30 billion was set aside for academic staff training in the various institutions across the country.