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.