Tinubu Announces Hike In Education Tax Rate, Vows Support For TETFund

President Bola Tinubu has affirmed his administration’s commitment to supporting and enhancing the intervention activities of the Tertiary Education Trust Fund (TETFund) and announced a hike in the education tax rate towards boosting the finances of the fund.

The declaration was made in Abakaliki, the Ebonyi State capital, during the commissioning of TETFund-sponsored projects at the Ebonyi State University’s Permanent Site in Abakaliki.

President Tinubu, represented by the Minister for Works, Sen David Umahi, disclosed the approval of the upward review of Education Tax (EDT) to 3 percent effective from September 2023.

This approval is expected to significantly contribute to improved funding for the education sector and the development of public tertiary institutions.

Besides announcing the new education tax rate, Sen Umahi expressed appreciation for the President’s commitment to education development, citing initiatives such as the introduction of the students’ loan initiative, engagements with the National Association of Nigerian Students (NANS), and the recent waiver of the No Work, No Pay order on the Academic Staff Union of Universities (ASUU) to address students’ challenges and foster industrial harmony.

The Executive Secretary of TETFund, Arch Sunny Echonu, highlighted the substantial allocations provided to Ebonyi State University as a beneficiary, amounting to over N10.8 billion for infrastructure-related interventions. These interventions include Annual, Special, Special High Impact, and Zonal interventions, with 88.24% of the funds accessed and deployed to address infrastructural deficiencies in the university.

Echonu commended the University’s management for diligently overseeing the successful delivery of various intervention projects executed under the 2011-2015 (Merged) Annual and 2016-2019 (Merged) annual interventions. The total cost of the commissioned projects amounted to N1,551,746,734.20, aligning with TETFund guidelines.

The Executive Secretary expressed optimism that these projects would enhance the university’s global standing in the tertiary education subsector, contributing significantly to research and development. He reiterated TETFund’s commitment to sustaining and improving interventions, enabling institutions to undertake more impactful projects, fostering global competitiveness and positioning them favorably among peers nationally and globally.

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