Reps demand TETFund’s 2024 budget breakdown - Ripples Nigeria
Connect with us

News

Reps demand TETFund’s 2024 budget breakdown

Published

on

The House of Representatives on Tuesday ordered the Tertiary Education Trust Fund (TETFund) to provide a detailed breakdown of its 2024 budgetary allocations.

The lower legislative chamber also directed TETFund to present the 2025 budget estimates to beneficiary institutions before further implementation.

This followed the adoption of a motion presented by a lawmaker from Zamfara, Sulaiman Gumi, at the plenary in Abuja.

In his presentation, the lawmaker noted that Section 1 of the TETFund Act, 2011, authorises the assessment and collection of the Education Tax from the assessable profits of all companies registered in Nigeria.

He added that the tax is to be assessed and collected by the Federal Inland Revenue Service (FIRS) for remittance to TETFund.

READ ALSO: ASUU warns Nigerian govt against scrapping TETFund for NELFUND

He explained that TETFund is tasked with administering and disbursing the tax funds to eligible public tertiary institutions for the advancement of education, knowledge, and skills.

The lawmaker expressed concern over reported cases of discrepancies in tax collections, accruals, remittances, transfers, and issues surrounding the judicious utilisation and equitable disbursement of the Education Tax Fund.

In its resolution, the House directed TETFund to submit reports of its audited accounts along with the receipts of beneficiary institutions from 2018 to date.

The House also instructed TETFund to refrain from disbursing or authorising any funds until the detailed breakdown of its proposed 2025 budget has been scrutinised and approved by the House.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Exit mobile version