VMT News Ltd
No 1 News Site in Nigeria

TetFund Supported Tertiary Education funding with over N1.8tn–Executive Secretary

24

TetFund Supported Tertiary Education funding with over N1.8tn–Executive Secretary

The Tertiary Education Trust Fund (TETFund) has allocated not less than N1.8 trillion, for various intervention programmes and projects in three categories of public tertiary institutions in Nigeria from 2011 to 2024.

VTetFund Supported Tertiary Education funding with over N1.8tn–Executive Secretary
The three categories of benefitting public tertiary institutions are universities, polytechnics, and colleges of education.
The Executive Secretary of TETFund, Sonny Echono, disclosed the figure while delivering the 41st convocation lecture of the Ogun State-owned Olabisi Onabanjo University (OOU), Ago-Iwoye.


 The lecture, entitled: ‘TETFund and Educational Development in Nigeria: The Treasures and The Future’, was held at Otunba Gbenga Daniel Multipurpose Hall, within the OOU, Ago-Iwoye campus of the institution.

VTetFund Supported Tertiary Education funding with over N1.8tn–Executive Secretary
Echono, who gave the breakdown of the amount allocated to each of the three categories of tertiary education institutions, said universities were allocated N919 billion, polytechnics received N461 billion, and colleges of education received N459 billion.


 According to Echono, TETFund is an interventionist agency established by the TETFund Act 2011 and charged with the responsibility to deliver effective and transformative interventions to all public tertiary educational institutions defined in the Act, through funding and effective project management.

VTetFund Supported Tertiary Education funding with over N1.8tn–Executive Secretary
 The Executive Secretary, who gave the background of the establishment of the intervention agency, said the Fund, since its establishment, has strategically positioned the nation’s higher institutions by providing essential physical infrastructure and content-based programmes for effective teaching, learning, research, and innovation for global competitiveness.

TETFund, Echono said, administers, manages, disburses, and monitors the judicious utilisation of the initially two per cent (now three per cent) Education Tax paid by all registered companies operating in Nigeria, adding that the tax is allocated on an annual basis to Public Universities, Public Polytechnics and Public Colleges of Education in the ratio of 2:1:1.


 He said: “The Fund implements various intervention projects in the beneficiary institutions under two broad categories: The Annual Direct Intervention; and The Special Intervention
“Infrastructure has been given special attention because of its decay and collapse across public tertiary institutions in Nigeria.

VTetFund Supported Tertiary Education funding with over N1.8tn–Executive Secretary
“It is estimated that a total of over 152,838 infrastructural projects has been carried out across various public tertiary institutions from 2011 till date. These projects include the construction of senate buildings, lecture theatres, classrooms, hostels, offices, library buildings, laboratories, road network, water and power supply and distribution, perimeter fencing of institutions, etc. All public tertiary institutions across the country are dotted with TETFund projects which bear the ubiquitous insignia of the Fund.


 “TETFund has sponsored over 18,766 lecturers in the local Ph.D. programme, as well as over 14,159 lecturers in the local master’s degree programme across the country between 2011 and year 2024.
 “The Fund has also sponsored well over 5,172 lecturers to overseas institutions for Ph.D. programmes and 3,541 master’s degree candidates overseas across tertiary institutions within the same period.


 “The Fund has further supported 120,441 Lecturers in Federal and State Colleges of Education under its teaching practice supervision program. The Fund has sponsored an estimated 19,302 academic staff across tertiary institutions in the country to foreign conferences, and 4,516 non-academic staff of public tertiary institutions have also benefitted from the same sponsorship. In addition, 25,940 academic staff were sponsored to attend local conferences within the country, while about 45,005 non-academic staff were sponsored by the Fund to attend local workshops across beneficiary institutions in the country, all to build the nation’s capacity, skills, and manpower need.
In all, the Fund has sponsored a total of 94,763 academic and non-academic staff of public tertiary institutions to local and overseas conferences between 2011 and year 2025.”

The Executive Secretary disclosed that some other countries have adopted the model in mobilising funds for their education sector. THISDAY

Support Voice Media Trust journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country, we ask you to consider making a modest support to this noble endeavour.

By contributing to Voice Media Trust, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate into:

Dollar Account:

  • A/C NO: 3003093745
    A/C NAME: VOICE MEDIA TRUST LTD
    BANK: UNITED BANK FOR AFRICA

Naira Account:

  • A/C NO: 1023717841
    A/C NAME: VOICE  MEDIA TRUST LTD
    BANK: UNITED BANK FOR AFRICA

Leave A Reply

Your email address will not be published.