NEITI and TETFund Partner to Enhance Transparency in Education Tax Remittances in Nigeria
The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have strengthened their collaboration to ensure improved transparency and accountability in tax remittances, particularly for education taxes in Nigeria. The partnership was formalized during a recent visit by TETFund’s management to NEITI’s headquarters in Abuja, where both agencies underscored the need for credible data access and strict tax compliance.
Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, emphasized concerns regarding the remittance practices of extractive sector companies. He stressed the importance of proper and accountable management of funds to meet their intended purposes. NEITI’s role in monitoring payments from the oil, gas, and mining industries, especially education tax, which is crucial for TETFund, was highlighted as a key area of focus for ensuring the effective use of resources in Nigeria’s tertiary education sector.
Orji also provided a financial overview, revealing that TETFund received over N3.8 trillion between 2013 and 2023. In addition, recent NEITI industry audits showed that the fund accrued N229.34 billion in 2022 and N564.65 billion in 2023. This partnership is viewed as essential to enhancing decision-making processes and promoting better resource allocation to critical educational needs across the country.
Further strengthening this collaboration, the completion of the NEITI Data Centre and Library was discussed as a strategic investment. Once operational, the data center will serve as a central repository for industry data, including NEITI’s annual reports from the oil, gas, and solid minerals sectors, ensuring transparency and informed decision-making in education funding.
TETFund’s Executive Secretary, Mr. Sonny Echono, reiterated the importance of NEITI’s credible data for TETFund’s infrastructure development initiatives in tertiary institutions. The two organizations agreed to launch a joint training program aimed at fostering transparency, accountability, and good public finance management practices among TETFund stakeholders, tertiary institutions, and policymakers.
SOURCE: nairametrics