The Tertiary Education Trust Fund has disclosed that the N68 billion in income it collected in 2021 and utilized to fund its activities in 2022 has decreased.
In a one-day meeting with the TETFund, the fund’s executive secretary, Sonny Echono, informed the heads of the benefiting institutions in public tertiary institutions of this information.
According to Echono, income collection decreased from N257 billion to N189 billion, a decrease of N68 billion.
He said that the rise in collecting was anticipated to result in an increase in payout to beneficiary institutions in 2023, notwithstanding the fund’s ability to move from N189 billion in 2021 to over N300 billion in 2022 despite the decline.
Echon said that the tax rate was raised from 2 to 2. 5 percent with the backing of the National Assembly in a deliberate move to raise money for the fund. Echon also emphasized that the president is dedicated to enhancing financing for education.