The Tertiary Education Trust Fund (TETFund) says it has recorded over 60 billion naira decline in revenue available for its operations.
TETFund Executive Secretary, Arch. Sonny Echono disclosed this in Abuja when members of the House of Representatives Committee on Tertiary Education and Services, led by Hon Aminu Suleiman, paid an oversight visit to the agency.
Echono, while speaking on the operations of the Fund and the state of finances, especially from 2017 to date said last year’s collection, which is what the Fund used to operate this year, dropped to N189 billion.
He however cleared that given president Buhari’s commitment on increased funding for education, and with the usual support of the National Assembly, 2021 tax rate was increased from 2 to 2.5%.
Responding, Hon Aminu Suleiman who directed TETFund to mandate state institutions benefiting from its interventions to submit reports of their operations within three weeks, assured the Fund of its continued support and cooperation to ensure that the system continue to work stronger.
The lawmaker said the visit was a legislative requirement on the legislature to acquaint themselves with challenges faced by agencies especially on major areas that will be seeking the support of the National Assembly in terms of legislation.
