President Bola Tinubu has approved the appointment of qualified Nigerians to serve on the board of the Tertiary Education Trust Fund (TETFund).
The board is to be chaired by the former governor of Katsina State, Aminu Masari.
This was disclosed in a statement issued by the president’s spokesman, Ajuri Ngelale on August 6, 2024, via his Facebook page.
The appointments
TETFund, an agency under the Federal Ministry of Education, manages, disburses, and monitors the education tax to public tertiary institutions in Nigeria.
Here are the appointees:
- Alhaji Aminu Masari — Chairman
- Senator Sani Danladi — Member
- Mr. Sunday Adepoju — Member
- Mr. Nurudeen Adeyemi — Member
- Mrs. Esther Onyinyechukwu Ukachukwu — Member
- Mr. Turaki Ibrahim — Member
- Mr. Aboh Eduyok — Member
The President advised the new members of the board to remain dedicated and committed to driving TETFund’s objective of providing the needed support for tertiary education. He stressed the urgent need to enhance the productivity and quality of higher education.
What you should know
The TetFund is managed by an eleven (11) member Board of Trustees with members drawn from the six-geo political zones of Nigeria.
The board also comprises representatives of the Federal Ministries of Education, the Federal Ministry of Finance and the Federal Inland Revenue Service.
They are responsible for monitoring and ensuring the collection of education tax by the Federal Inland Revenue Service and ensuring the transfer of same to the Fund while ensuring the disbursement of funds to various public tertiary educational institutions in Nigeria.
The TEtFund secretariat is headed by an Executive Secretary, who is the Chief Executive and the Accounting Officer of the Fund.
As of January 21, 2024, the Federal Government approved N643.4 billion as the 2024 disbursement for beneficiary tertiary institutions across the country.
This was disclosed by the Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, during a strategic meeting with Heads of beneficiary institutions in Abuja at the time.
Echono, who gave the breakdown of the TETFund 2024 disbursement at the strategic meeting noted that N643.4 billion was the highest disbursement since the inception of the Fund.
“A stabilisation of 2.27% is allowed to enable the Fund to respond to emerging issues.
“This is inclusive of the difference between actual collections and the projections made for November and December 2023 collections as requested and approved by Mr President,” Echono added.
