The Tertiary Education Trust Fund (TETFund) has reported a landmark achievement, collecting a record N1.5 trillion in education tax in 2024, bolstered by a crucial tax increase approved last year.
Speaking at a stakeholder engagement event in Abuja on Monday, Arch. Sonny Echono, TETFund’s Executive Secretary, credited the success to President Bola Tinubu’s decision to raise the Education Tax from 2.5% to 3%.
Echono said, “The increase last year in the Education Tax from 2.5% to 3%, authorized by the Commander-in-Chief, President Bola Ahmed Tinubu, represents a significant stride for TETFund.”
He added that the increase has helped create a “stronger foundation” for Nigeria’s tertiary institutions, enabling further investment in education.
As the Fund moves into the 2025 budget cycle, Echono emphasised the importance of these funds in upgrading Nigeria’s university infrastructure, improving academic programs, and ensuring greater accessibility for students. “The revenue generated plays a significant role in maintaining and improving our institutions,” he noted.
The Executive Secretary also acknowledged the Federal Inland Revenue Service (FIRS) for their role in ensuring timely and transparent tax collection.
The year 2024, he added, was a pivotal one for TETFund, with the inauguration of the new Board of Trustees, led by Rt. Hon. Aminu Bello Masari, who is set to guide the Fund toward continued success.
