Tertiary Education Trust Fund (TETFUND)
The Tertiary Education Trust Fund (TETFund) was originally established as Education Trust Fund (ETF) by the Act No 7 of 1993 as amended by Act No 40 of 1998 (now repealed and replaced with Tertiary Education Trust Fund Act 2011). It is an intervention agency set up to provide supplementary support to all level of public tertiary institutions with the main objective of using funding alongside project management for the rehabilitation, restoration and consolidation of Tertiary Education in Nigeria.
The main source of income available to the Fund is the two percent education tax paid from the assessable profit of companies registered in Nigeria. The Federal Inland Revenue Services (FIRS) assesses collects the tax on behalf of the Fund.
The funds are disbursed for the general improvement of education in federal and state tertiary educations specifically for the provision or maintenance of:
Essential physical infrastructure for teaching and learning
Institutional material and equipment
Research and publications
Academic staff training and development and
Any other need which, in the opinion of the Board of Trustees, is critical and essential for the improvement and maintenance of standards in the higher educational institutions
The Fund is managed by an eleven (11) member Board of Trustees with members drawn from the six geo-political zones of the country as well as representative of the Federal Ministry of Education, Federal Ministry of Finance and the Federal Inland Revenue Services.
The Board of Trustees has the following responsibilities as stated in the Act:
Monitoring and ensure collection of Tax by the Federal Inland Revenue Services and ensure transfer to the Fund
Manage and disburse the Tax
Liaise with appropriate ministries and bodies responsible for collection or safe keeping of the Tax
Receive request and approve admit table projects after due consideration
Endure disbursement to various public tertiary education institutions in Nigeria
Monitor and evaluate execution of projects
Invest funds in appropriate and safe securities
Update the Federal Government on its activities and progress through annual audited reports among the states of the Federation in case of regular intervention
Review progress and suggest improvement within the provisions of the Act
Do such other things that are necessary or incidental to the objective of the Fund under these Acts or as may be assigned by the Federal Government
Make any issue guidelines, from time to time, to all beneficiaries on disbursement of monies from the Fund on the use of monies received from the Fund
Generally to regulate the administration, application and disbursement of monies from the Fund under this ActSee more