The Tertiary Education Trust Fund has disclosed that the N68 billion in revenue it collected in 2021 and used to fund its operations in 2022 has decreased.
In a one-day meeting with the TETFund, the fund’s executive secretary, Sonny Echono, informed the heads of the benefiting institutions in public tertiary institutions of this information.
According to Echono, revenue collection decreased from N257 billion to N189 billion, a decrease of N68 billion.
He added that the increase in collection was anticipated to result in an increase in disbursement to beneficiary institutions in 2023, despite the fund’s ability to move from N189 billion in 2021 to over N300 billion in 2022 despite the decline.
“Our collections yield to our disbursement to you. We received N189 billion as against N257billion in 2021 which is a deficit or shortfall of N68billion in revenue and this has impacted on what you get from us.
“Yet, I am pleased to report that despite this challenge, in the last eight months, we have disbursed more funds to you than any year in the establishment of the fund.
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“Our primary duty is actually a disbursement agency and we are expected to ensure that this is done judiciously for the purposes of funding projects in the various institutions, he said.
Echon also noted that the president is committed to increasing the funding for education and with the support of the National Assembly, the tax rate was increased from 2 to 2.5 per cent, adding that is was a deliberate effort at mobilising resources for the fund.
Echono further said that the 2022 zonal intervention would focus on improving and expanding its ICT capabilities to catch up with the rest of the world in the ICT space for needed national development.
He added that the fund was also reviewing its processes for enhanced and better service delivery to beneficiary institution, while also focusing on entrepreneurship and innovation hubs for hands-on training.
NAN
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