The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Tertiary Education Trust Fund (TETFund) accrued approximately ₦1.024 trillion in revenue between 2019 and 2023. This was disclosed by the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, during the signing of a Memorandum of Understanding (MoU) with TETFund on information and data sharing held on Monday in Abuja.
According to Orji, most of the funds accrued to TETFund during the period were generated from the extractive sector, including oil, gas, mining, and other industries under NEITI’s audit coverage. However, he clarified that accruals are not the same as actual remittances.
“In 2022, total revenue accruals to TETFund stood at ₦322.99 billion. In 2023, that figure rose significantly to ₦571.01 billion—the highest annual inflow to date,” he said. “From 2019 to 2021, total accruals amounted to ₦644.19 billion, of which ₦624.32 billion was disbursed.”
Orji stressed that these figures underscore the pivotal role of the extractive sector in financing Nigeria’s tertiary education. “These funds are drawn from the profits of companies in oil, gas, mining, manufacturing, telecommunications, banking, and other sectors,” he added.
He described the MoU as “timely and significant,” stating that it would strengthen transparency and effective utilization of funds from natural resources. “NEITI and TETFund are united by a common goal: to ensure that revenues earned from Nigeria’s natural resources are not only transparently managed but also efficiently deployed to promote development, reduce poverty, and advance national aspirations.”
Orji also emphasized that Nigeria’s prosperity cannot be built on crude exports alone. He noted that institutions like TETFund, which support education and innovation, are instrumental in converting finite mineral wealth into sustainable human capital.
Under the new agreement, NEITI will collaborate with TETFund to ensure the timely remittance of funds, using evidence-based data to track payments and recover unremitted taxes.
On his part, TETFund Executive Secretary, Arc. Sonny Echono, welcomed the partnership, describing it as a step toward greater accountability, especially within the oil, gas, and other extractive sectors. He said the move aligns with President Bola Tinubu’s Renewed Hope Agenda to restore the country’s educational institutions.
“This will ensure that taxes due to the education tax fund are remitted, and defaulters are identified and made to pay, which will ultimately boost our revenue base,” Echono stated.
He further explained that TETFund is not only committed to prudent fund usage but is also working to expand and improve its revenue collection framework. This includes the establishment of a dedicated Department of Revenue and Investment, which he said has already improved performance.
According to him, TETFund officers now work closely with the Federal Inland Revenue Service (FIRS) across zonal offices to verify tax payments and ensure compliance, even from hard-to-reach entities, including offshore companies.
Echono also addressed concerns about ongoing tax reforms, noting that while the term “education tax” may be replaced with “development levy,” TETFund will remain entitled to 50 percent of the levy. He assured that the MoU would continue to guide the monitoring and tracking of funds.
