Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund,TETFund has canvassed increase in tertiary institutions tax from 2.5 percent to three percent to improve research and development in the country.
Chairman of the Committee, Senator Ahmed Kaita stated this at an oversight visit to TETFund headquarters in Abuja.
Kaita who affirmed that the 2. 5percent education tax paid from accessible profit of companies registered in Nigeria has obviously had a massive and sustaining impact in the nations tertiary education in Nigeria through several interventions, added that the visit was to enable the Committee ascertain the level of 2021/ 2022 budget performance.
He however identified the Education and Health sectors are two critical sectors that drive development hence the need for an upward review from 2.5percent education tax to three percent.
A member of the committee, Senator Chukwuka Utazi who commended Echono for the robust interventions, carried out so far, called on intellectuals to provide a home answer to the COVID 19 response.
Speaking earlier, Echono expressed gratitude to the lawmakers for last year’s passage of the Finance Act, resulting to increase in education tax percentage to 2.5.
While promising to do more with the continued support of the Senate Committee, Echono said TETFund has over 200 projects to commission soon.
