Over ₦1 Trillion Accrued to TETFund in 5 Years from Education Tax — NEITI
…NEITI and TETFund Sign Landmark MoU to Deepen Transparency, Improve Accountability in Education Financing
The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Tertiary Education Trust Fund (TETFund) received a total of ₦1.024 trillion in Education Tax revenues over a five-year period. This significant figure underscores the critical role of Nigeria’s extractive sector in financing the country’s tertiary education system.
The disclosure was made by NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, during a Memorandum of Understanding (MoU) signing ceremony between NEITI and TETFund held in Abuja.
A Strategic Partnership for Education and Accountability
“NEITI will support TETFund with timely, credible, and validated data on revenue accruals to guarantee transparency and help track remittances and utilisation,” Dr. Orji said. “Together, we are creating a value chain of accountability—from extraction to education.”
The partnership seeks to ensure that the funds received are efficiently deployed for impact—resulting in modern libraries, functional laboratories, revitalized lecture halls, and world-class research facilities.
Education Tax Revenue Breakdown
NEITI’s audit reports show a steady rise in Education Tax remittances to TETFund over the years:
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₦322.99 billion in 2022
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₦571.01 billion in 2023 — the highest ever annual inflow
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₦644.19 billion accrued between 2019 and 2021, out of which ₦624.32 billion was disbursed
These figures clearly reflect the strategic importance of the extractive sector as a backbone of tertiary education funding in Nigeria.
A Covenant for the Future
“The ₦1.024 trillion that has accrued must be fully accounted for and transparently tracked,” Dr. Orji insisted. “This MoU is more than a partnership—it is a covenant with the Nigerian people, a promise to ensure that our natural resource wealth drives transformative change, especially through education.”
TETFund Commits to Transparent Resource Use
In his remarks, TETFund Executive Secretary, Arc. Sonny Echono, described the agreement as a milestone achievement after several engagements between both agencies.
“The MoU allows TETFund and NEITI to explore avenues for accountability and ensure all due Education Tax accruals are recovered and used to fund education in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda,” Echono said.
He emphasized that the collaboration would ensure data accuracy, efficient revenue collection, and improved planning for impactful education investment.
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Ministry of Education Endorses the Partnership
Also present was the Permanent Secretary of the Federal Ministry of Education, Mr. Abel Olumuyiwa Enitan, who described the MoU as a foundational step toward sustainable growth in Nigeria’s education sector. He urged swift recovery of unremitted Education Tax from extractive companies to further boost education funding for current and future generations.
This partnership represents a major leap forward in Nigeria’s education financing ecosystem—ensuring that extractive industry revenues are transparently channelled into building a better future for Nigerian students and institutions.
