TETFund gets ₦1.6trn for tertiary education interventions
TETFund
… funds from the 3% education tax imposed on company.
The Tertiary Education Trust Fund (TETFund) says it has received ₦1.6 trillion for various interventions across tertiary institutions in the country.
Chairman of TETFund’s Governing Board and former Katsina State Governor, Alh. Aminu Masari, disclosed this on Sunday in an interview with newsmen in Katsina.
He said the fund, the highest in recent allocations, was accrued from the three per cent education tax imposed on company profits, as stipulated by the TETFund Act.
Masari stated that 40 per cent of the amount, representing ₦460 billion, was earmarked for interventions across tertiary institutions nationwide.
For state-level interventions, three institutions were selected in each state – one university, one polytechnic and one College of Education – to benefit.
“The interventions are demand-driven. Institutions write to us, and we approve projects for them based on their needs and available resources,” he explained.
Masari said ₦225 billion from the ₦1.6 trillion was released to the Nigerian Education Loan Fund (NELFUND) for the Federal Government’s students’ loan scheme.
Another ₦70 billion, he noted, was earmarked as energy support for tertiary institutions to build solar or gas power generation facilities.
The Board also allocated ₦25 billion to assist some institutions in enhancing campus security.
“The institutions will use the funds for security-related projects, such as installing street lights and similar facilities,” Masari said.
According to him, TETFund has spent over ₦100 billion to strengthen medical sciences training across tertiary institutions in Nigeria.
He said the funds were to improve the capacity of institutions to train students in medical sciences, boosting manpower in the healthcare sector.
Masari stressed that the interventions align with President Bola Tinubu’s commitment to address healthcare manpower shortages caused by the recent exodus of skilled medical professionals.
“The President is worried about this trend and its impact on the healthcare system.
“He wants measures in place to enable recovery through deliberate policies, such as this ongoing TETFund intervention,” he said.
Masari added that three tertiary institutions in each geopolitical zone had received ₦4 billion each for medical sciences expansion and infrastructure projects.
The aim, he said, is to double the number of doctors, nurses, pharmacists, laboratory technicians and other professionals in Nigeria’s healthcare system.
“This will greatly improve healthcare delivery nationwide,” he stated.
Masari explained that TETFund carries out interventions annually at state and zonal levels, ensuring its impact is spread nationwide through high-impact projects.
He assured Nigerians that TETFund has a robust monitoring and evaluation team, including consultants, to ensure released funds are used strictly for approved projects.
(NAN)
