Education tax rose to 1.5trn in 2024 –Echono

It is an honour to welcome you all to this strategic interactive engagement. I extend a special welcome to our esteemed Board of Trustees who are attending their first strategic engagement since their appointment by His Excellency, President Bola Ahmed Tinubu. This engagement is a testament to our shared commitment to establishing a harmonious working relationship with relevant stakeholders, fostering an environment where our efforts can be aligned to reposition TETFund for optimal performance.

As Heads of TETFund beneficiary institutions, you play a pivotal role in actualizing the mandate of the Fund. It is crucial that we engage constructively to set a clear course for the Fund’s direction and operational priorities. TETFund’s purpose is to empower our nation’s human capital, addressing the urgent need for capable, skilled professionals across all sectors.

 Established in response to the deficits in our tertiary education sector, TETFund began as the Education Tax Fund in 1993, transitioning in 2011 to its current form with a commitment to enhancing the quality of Nigeria’s public tertiary institutions through Education Tax contributions.

The increase last year, in the Education Tax from 2.5% to 3% – authorized by the Commander-in-Chief, President Bola Ahmed Tinubu, represents a significant stride for TETFund. This change, reinforces the government’s dedication to strengthening Nigeria’s educational framework. We now enter the 2025 budget cycle with a stronger foundation, one that allows us to enhance our impact across the country’s tertiary institutions. 

At this juncture, the Fund wishes to extend our appreciation to the Federal Inland Revenue Service (FIRS), who have been our able and reliable partner from inception to date, for their steadfastness and diligence in ensuring the timely and transparent collection of funding accrued from the Education Tax in our beloved nation, to propel our tertiary institutions towards global recognition and excellence. The revenue generated from the education tax plays a significant role in maintaining and improving the infrastructure of our institutions, enhancing academic programs, and promoting accessibility for students from diverse backgrounds.

The Year 2024 has been an eventful year for the Fund and saw us engaging several activities, notably and most recently the inauguration of our much-awaited Board of Trustees, ably chaired by H.E. RT. Hon. Aminu Bello Masari, who together with his team of Board members have quickly settled to the onerous task of steering the Fund in the direction needed for sustained impact. Furthermore, this year, we made efforts to deepen our ICT roadmap using the TERAS platform amidst expected challenges associated with a new innovation. 

We are not deterred but determined to ensure our beneficiary institutions derive the full benefit of this initiative and do earnestly require your feedback in this regard. Our introduction of the Career Service centres intervention which aims at providing information for students on opportunities and trends in the job market, requisite skills as well as linkages with the employment industries including the alumni of the institutions has commenced with a good number of beneficiaries accessing the first allocation. I have approved a sensitization workshop later this month for Directors of the Centre to engage and share experiences and suggestions on making the intervention better in the following years. 

The enlistment exercises of new beneficiary institutions, as well as other periodic strategic interactions with the Heads of our Beneficiary Institutions were successfully carried out this year. 

Our commitment to Research and Development as well as innovation and uptake of research output, has remained our central focus, for which on the 17th to 22nd of November we will be hosting a National Research Fair/ Exhibition at the Eagle Square. The fair will offer the opportunity to a large spectrum of researchers to present and display their research efforts to the National and International audience. It shall involve the formal and informal sectors, industries and allied research organization, scholars and the general public. 

The initiative advocates for the institutionalisation of Research and innovation in our nation to address the issues of underdevelopment plaguing the country and to complement the effort of the Federal government towards the eradication of poverty, skill acquisition, job employment etc and to bridge the knowledge gaps in the generation and utilization of research, as a critical driver of development in contemporary societies.

Over the past year, the Fund has made significant strides, funding numerous projects aimed at improving infrastructure, enhancing research capabilities, and supporting faculty development. These initiatives have not only improved the learning environment but have also empowered our educators and students to excel. However, we must acknowledge the challenges we face. The demand for quality education continues to rise, and we must ensure that our funding mechanisms are robust and responsive. We have the opportunity to leverage technology and innovative practices to enhance our outreach and impact. 

One critical area stands out: the need for stronger collaboration with industry partners. By forging partnerships with businesses and organizations, we can align our educational programs with the skills and competencies that the job market demands. Collaboration with industry not only enriches our curriculum but also provides students with invaluable real-world experiences. It opens doors for internships, mentorships, and job placements, ensuring that our graduates are not just academically prepared but also industry-ready. As we convene today, our goal is not only to celebrate our achievements but also to strategize for the future. Reflecting on our progress, we must also recognize the challenges that lie ahead as the landscape of education is rapidly changing, and we must adapt to meet these evolving challenges head-on and respond effectively.

We urge all stakeholders to actively engage in building these partnerships. Let us explore innovative ways to connect our institutions with industry leaders, fostering a symbiotic relationship that benefits both our students and the economy. Your insights and experiences are crucial as we navigate this path together. We therefore anticipate your active engagement and informed contributions to enrich our discourse, address issues and provide recommendations for future actions to the overall benefit of our nation and its people, particularly through the Fund’s delivery of its mandate and service. 

May we reaffirm our commitment to the vision, knowing that together, we will make lasting impact on the future of education in our country. Again, we thank you for your dedication and for being here today as we look forward to our discussions and to the exciting possibilities that lie ahead.

Thank you and God bless.