Abuja, Nigeria – In a move to boost education financing and enforce transparency, the Tertiary Education Trust Fund (TETFund) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have signed a Memorandum of Understanding (MoU) to strengthen revenue remittance and data sharing from the extractive sector.
Speaking at the ceremony in Abuja, today, NEITI Executive Secretary, Dr. Orji Ogbonnaya Orji, called the pact “timely and significant.” He emphasised its potential to ensure that natural resource revenues are “transparently managed and efficiently deployed” to reduce poverty and drive national development.
“NEITI and TETFund are united by a common goal,” Orji stated. “We aim to convert Nigeria’s finite mineral wealth into infinite human capital.”
According to NEITI’s data, TETFund recorded ₦1.024 trillion in revenue accruals from 2019 to 2023, primarily sourced from education tax on companies in oil, gas, mining, manufacturing, telecoms, and banking. In 2022 alone, TETFund received ₦322.99 billion, which jumped to ₦571.01 billion in 2023 — the highest yet.
TETFund Executive Secretary, Arc. Sonny Echono, stressed the collaboration would enforce accountability within extractive industries. “We are working to recover unremitted taxes and ensure those due to TETFund are fully paid. This aligns with President Tinubu’s Renewed Hope Agenda.”
He revealed a new Revenue and Investment Department has enhanced tax compliance across zonal offices.
Permanent Secretary of the Ministry of Education, Abel Enitan, praised the agreement: “This is a strategic step. With proper tracking, this funding will transform not just our generation but generations to come.”
The MoU also ensures real-time data sharing, tracking of remittances, and support for scholarships and research initiatives in public tertiary institutions.
Gom Mirian-Report
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