The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that the Tertiary Education Trust Fund (TETFund) accrued around N1.024 trillion from the Education Tax over the last five years.
Dr. Ogbonnaya Orji, NEITI’s Executive Secretary, made this announcement during a Memorandum of Understanding (MoU) signing in Abuja, referencing findings from NEITI’s industry reports regarding Nigeria’s extractive sector.
As noted by Deputy Director Chris Ochonu, the MoU is centred on sharing information and data, which will allow NEITI’s verified insights to guide TETFund’s strategic planning and revenue forecasting.
Dr. Orji stated that NEITI is committed to ensuring timely remittances through the early deployment of evidence-based data and will provide real-time information on revenue accruals, thereby enhancing transparency and aiding TETFund in tracking both remittances and their use.
“Our combined efforts will boost educational institutions, expand access to scholarships, and strengthen the research ecosystem within our public tertiary institutions,” he affirmed, reiterating NEITI’s role in delivering timely and credible data on revenue from the extractive sector.
According to NEITI’s audit reports, TETFund received N322.99 billion in 2022, which surged to N571.01 billion in 2023—the highest annual revenue recorded. Between 2019 and 2021, total accruals to TETFund reached N644.19 billion, of which N624.32 billion was disbursed, highlighting the extractive sector’s vital contribution to financing Nigeria’s tertiary education.
“This MoU establishes a connection between the source of public revenues and their application. NEITI verifies payments, while TETFund ensures that received funds are invested effectively, creating a value chain of accountability from extraction to education,” Dr. Orji asserted.
He stressed the importance of ensuring that the N1.024 trillion accrued to TETFund is fully accounted for and efficiently utilised, advocating for investments in modern libraries, functional laboratories, and revitalised lecture halls to tackle the challenges of the 21st century.
With this MoU, NEITI and TETFund commit to a future of accountability, open data exchange, and measurable impact—transforming their partnership into a promise to the Nigerian populace that the nation’s natural resource wealth will benefit every citizen, particularly through education.
TETFund’s Executive Secretary, Sonny Echono, called the MoU signing a landmark occasion in the ongoing collaboration between TETFund and NEITI. He clarified that the MoU would facilitate accountability regarding the remittance of education tax, enabling TETFund to recover essential funds for educational development aligned with President Bola Tinubu’s initiatives.
Echono further indicated that the MoU would define a framework for obtaining accurate, credible, and current data, enhancing revenue collection efficiency.
Mr. Abel Enitan, Permanent Secretary of the Federal Ministry of Education, welcomed the MoU, calling it a significant step towards sustainable growth in the education sector. He highlighted the critical role of transparency and NEITI in both the signing and implementation of the agreement, urging swift action to recover unremitted taxes from extractive companies for the benefit of present and future generations.
