Written by Godfrey AKON

TETFund: Education tax increases by 25.47%

Education tax collection from companies operating in the country rose to N200,793,193,208.54, as at November 2018,  indicating  an  increase  of  about 25.47 per cent from the N154.9 billion collected in the previous year.

 

Executive Secretary of TETFund, Dr Abdulahi Baffa, who disclosed this during a chat with journalists in Abuja, said the  growth  in  the  education  tax collection  is  a  clear confirmation  that Nigeria’s  economy  has  recovered from  recession.

Baffa said “the  increased  collection will  obviously  translate  to  a  bigger allocation  for  Public  Tertiary Education  Institutions  and therefore more  projects,  more  scholarships, more  research  funds  in  the institutions. 

He also disclosed that President Muhammadu Buhari has approved N161 billion for the 2019 interventions in universities, polytechnics and colleges of education

The TETFund boss described the intervention as another  massive  boost to  the  higher  education  institutions in  the  country  which is to  be  utilized for  2019 intervention  activities  in  all the  benefitting  public  tertiary education  institutions  in Nigeria.

 “Consequently,  each  public  university will  get  an  allocation  of N785,832,700.00;  each public polytechnic  N536,703,502.00;  and  each college  of  education  will  get  an allocation  of  N510,084,900.00 respectively,” he said.

He urged  all beneficiary  institutions to  proceed to  the  fund’s head office  in Abuja to  collect  their  allocation letters  beginning  from  Monday  7th January,  2019.

Baffa revealed that “In  2018 Fund disbursement  for  the  period  January –  December,  2018  across  the  various intervention  lines  was  N133.84 Billion.    The  distribution  across  the three  levels  are: Universities  – N66.93Billion,  Polytechnics  - N32.37Billion,  Colleges  of  Education  – N32.65Billion  while  others  were N1.89  Billion.”

On project execution in the institutions, he said “the fund  reaped  the  benefits of  its  2017  Projects  Proposal  Defense and  Access  Clinic for  institutions  in 2018  with  about  97%  increase  in access  of  intervention  fund  by Beneficiary  Institutions  (from  N69.18B in  2017  to  N133.84B  in  2018).”

He disclosed that the  Board  of Trustees  of  the  fund  also approved the enlistment  of  16 new  beneficiary institutions  after  meeting  all  the requirements  of  enlistment, adding that the inclusion  was  the  first  time such  a  large  number  of  institutions got  enlisted  and  publicly  presented with  certificates.

The  newly  enlisted  institutions include: Nigerian  Army  University, Biu; Ondo  State  University  of  Science and  Technology,  Okitipupa; First Technical  University,  Ibadan; Air Force  Institute  of  Technology, Kaduna; Binyaminu  Usman Polytechnics,  among others.

 

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