By Tony Obiechina Abuja
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, has called for full accountability and transparency in the management of over N1.5trn accrued to the Tertiary Education Trust Fund (TETFund) in the last five years.
Orji stated this during the signing of a Memorandum of Understanding (MoU) between NEITI and TETFund on Information and Data sharing on Monday.
He emphasised that the funds must translate to modern libraries, functional laboratories, revitalised lecture halls, and cutting-edge research that meets the challenges of the 21st century.
He disclosed that from NEITI’s audited industry reports covering the last five years, TETFund has received significant revenue accruals, including ₦322.99 billion in 2022 and ₦571.01 billion in 2023.
“This means that within the last five years alone (2019–2023), total revenue accruals to TETFund from Education Tax reached approximately ₦1.024 trillion, highlighting the centrality of the extractive sector in financing Nigeria’s tertiary education,” he said.
He noted that the MoU aims to promote joint accountability, open data exchange, and measurable impact in the management of education funds.
“NEITI and TETFund are united by a common goal: to ensure that revenues earned from Nigeria’s natural resources are not only transparently managed but also efficiently deployed to promote development, reduce poverty, and advance our national aspirations.
“NEITI’s mandate is to ensure transparency and accountability in the management of revenues from Nigeria’s oil, gas, and solid minerals sectors. We track what is earned, what is paid, and what is remitted into government coffers.
“TETFund, on the other hand, plays a crucial downstream role—managing and deploying the 2% Education Tax, which is largely contributed by companies operating in these sectors, to develop infrastructure, support research, and improve teaching and learning in public tertiary institutions across Nigeria.
“Today’s MoU connects the source and the application of public revenues. NEITI tracks and verifies what is paid. TETFund ensures that what is received is invested for impact. Together, we are creating a value chain of accountability—from extraction to education,” he said.
TETFund’s Executive Secretary, Mr Sonny Echono disclosed that the partnership with NEITI aims to enhance transparency in tax remittances and revenue disclosures, ensuring efficient allocation of funds for tertiary education in Nigeria.
He emphasised the importance of accurate data access and strict tax compliance, highlighting that TETFund places significant confidence in NEITI’s data credibility and availability capabilities.
Echono explained that TETFund has established a full-fledged department of revenue and investment to improve revenue generation and efficiency in tax collection.
He noted that the collaboration with NEITI would enable TETFund to expand support for infrastructural development of tertiary institutions in Nigeria.
He expressed optimism about the partnership, expecting it to be mutually beneficial and rewarding for the benefit of the country.
