TETFund to Increase Disbursement to Institutions in 2024

Responding to improvements in tax collections, the Tertiary Education Trust Fund (TETFund) plans to increase its annual direct disbursements. Sonny Echono, the Executive Secretary of TETFund, revealed this during an interactive session with heads of beneficiary institutions in Abuja on Tuesday. He expressed gratitude to the Federal Inland Revenue Service (FIRS) for their diligent efforts in collecting education taxes, noting that the funds collected in 2023 would be allocated to the 2024 intervention projects. Echono also highlighted that the 2023 education tax collection was the highest since the establishment of TETFund.

Echono credited the increased revenue to the approval of a 3% allocation of accessible profit by the former and present administrations. He also acknowledged the diligent implementation of other factors by the FIRS in collaboration with TETFund. Speaking about the proposed areas of focus for the 2024 intervention programme, Echono mentioned that TETFund had budgeted a significant increase in annual direct disbursements due to improved tax collections. He highlighted that 90.54% of generated taxes were allocated for direct disbursement, with 6.5% earmarked for some projects and 2.94% for stabilization to address emerging issues, all of which are subject to final distribution and approvals.

Echono stated, “The proposed new interventions in the annual direct disbursement include the establishment of Career Centre/Unit in all categories of beneficiary institutions, as well as institution-based skills development for polytechnics to improve the employability and career prospects of students. For the Special Direct Disbursement, we have increased the allocation and number of beneficiary institutions for the Special High Impact Programme.” He further mentioned that the SHIP would focus on providing hostels through Public-Private Partnership arrangements for selected beneficiary institutions. Additionally, provisions have been made for research, including the National Research Fund and the Innovation Fund, as well as the upgrading of laboratories, workshops, and equipment in universities, polytechnics, and colleges.

Echono emphasized the fund’s commitment to promoting research, innovation, and skills development, and supporting the discovery and nurturing of creative talents among scholars and students. He described 2023 as an impactful year that witnessed the development and deployment of the TETFund ICT roadmap, the launch of the BIMS and TERAS platforms, the initiation of design and strategy for innovation hubs, and the establishment of central research laboratories.