The Tertiary Education Trust Fund (TETFund) has disclosed that it has generated a total of ₦1.024 trillion in revenue over the past five years through the Education Tax, reaffirming its pivotal role in strengthening Nigeria’s tertiary education system.
The announcement came as TETFund entered into a strategic partnership with the Nigeria Extractive Industries Transparency Initiative (NEITI), aimed at enhancing transparency and accountability in the utilization of funds derived from the country’s natural resource sectors.
According to figures presented at the Memorandum of Understanding (MoU) signing event held in Abuja, NEITI’s audited reports revealed that TETFund’s revenue grew from ₦322.99 billion in 2022 to ₦571.01 billion in 2023 alone—reflecting a substantial increase in tax remittances to the Fund.
Speaking at the event, NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, described the partnership as a “covenant with the Nigerian people,” underscoring its importance in building a value chain of accountability that links extractive industries to educational advancement.
“While NEITI is mandated to track all earnings, payments, and remittances into government accounts, TETFund manages the deployment of the 2% Education Tax to enhance infrastructure, fund research, and improve learning outcomes in public tertiary institutions,” Dr. Orji explained.
He noted that the collaboration will allow for real-time tracking of revenues due to TETFund, ensure evidence-based remittances, and improve the Fund’s planning and forecasting abilities.
“Investing in education transforms Nigeria’s finite mineral wealth into infinite human capital. This partnership supports that transformation by anchoring decisions on verified data and fostering stronger ties between government agencies and the academic community,” Dr. Orji added.
He emphasized the need for all stakeholders to ensure the efficient and transparent deployment of the over ₦1.5 trillion accrued to TETFund in recent years, as Nigeria’s future heavily depends on an education system powered by integrity and strategic investment.
With this move, TETFund and NEITI are expected to jointly usher in a new era of public sector accountability that places education at the core of national development priorities.
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