The Academic Staff Union of Universities, ASUU, has called for the utilization of the backlog of unspent funds allocated to tertiary education in the country.
ASUU observed that the continued stagnation of the needed resources could impede the growth and development of tertiary institutions in the country.
This followed as the Tertiary Education Trust Fund, TETFund, engaged stakeholders at a one-day strategic interaction with heads of beneficiary institutions.
The Executive Secretary of TETFund, Mr Sonny Echono, at the meeting held in Abuja, explained that the strategic engagement marked a new chapter for the board, saying that it aligns efforts with stakeholders to optimize performance and enhance the quality of Nigeria’s tertiary education.
He explained, “With the recent increase in the education tax from 2.5 percent to 3 percent, TETFund is poised for even greater impact, improving infrastructure, academic programs, and accessibility for all students.”
As heads of TETFund beneficiary institutions, he said they play a pivotal role in actualizing the mandate of the Fund, stressing that it is crucial that they engage constructively to set a clear course for the Fund’s direction and operational priorities.
The Executive Secretary stated that TETFund’s purpose is to empower the nation’s human capital, addressing the urgent need for capable, skilled professionals across all sectors.
Echono further stated that TETFund was established in response to the deficits in the tertiary education sector, adding that it began as the Education Tax Fund in 1993, transitioning in 2011 to its current form with a commitment to enhancing the quality of Nigeria’s public tertiary institutions through Education Tax contributions.
According to him, the increase in 2023 in the Education Tax from 2.5 percent to 3 percent authorized by President Bola Tinubu represents a significant stride for TETFund, pointing out that it reinforces the government’s dedication to strengthening Nigeria’s educational framework.
He urged all stakeholders to actively engage in building partnerships and enjoined them to explore innovative ways to connect their institutions with industry leaders, fostering a symbiotic relationship that benefits both their students and the economy.
The President of ASUU, Prof Emmanuel Osodeke, while speaking, stressed that university leaders must fight for themselves and not rely on others to negotiate their future.
He noted that the proposed tax changes to TETFund could drastically affect Nigerian universities’ funding, emphasizing the need to ensure these bills don’t pass if we truly care about our education system.
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