Abuja: The Tertiary Education Trust Fund (TETFund) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have signed a Memorandum of Understanding (MoU) to enhance data and information sharing. The partnership is aimed at improving remittances to the Fund and promoting greater transparency in the extractive sector. Speaking during the signing in Abuja, TETFund Executive Secretary, Sonny Echono, highlighted that the collaboration would deepen accountability within the oil, gas, and other extractive industries.
According to News Agency of Nigeria, Echono emphasized the importance of the agreement in ensuring that taxes due to the education tax fund are properly remitted. The partnership will also aid in recovering unpaid taxes to boost revenue, thereby fulfilling the goal of restoring educational institutions promptly. Echono noted that having a framework to acquire accurate, up-to-date data is a crucial step the agencies have been diligently working on.
The Executive Secretary further explained that TETFund is not only focused on prudent expenditure but also on enhancing its revenue collection framework. The establishment of a dedicated Department of Revenue and Investment, approved by TETFund’s Board of Trustees, has significantly improved revenue performance. Echono mentioned that officers are now working with the Federal Inland Revenue Service to ensure compliance with tax payments across various zones.
NEITI Executive Secretary, Dr. Orji Ogbonnaya Orji, also spoke on the significance of the agreement, emphasizing its role in transparently managing and effectively deploying revenues from natural resources. He explained that NEITI and TETFund are united in their goal to promote development and advance national aspirations by efficiently managing revenues from Nigeria’s natural resources.
Orji provided insights into the substantial revenue accrued to TETFund over the past five years, amounting to approximately ?1.024 trillion between 2019 and 2023, primarily from the extractive sector. He clarified the distinction between revenue accruals and remittances and highlighted the significant inflow of funds in recent years.
Under the MoU, NEITI will collaborate with TETFund to ensure timely remittances through early deployment of evidence-based data. NEITI will also offer real-time information on revenue accruals to support TETFund in tracking remittances and utilization, ultimately benefiting educational institutions and enhancing the research ecosystem across public tertiary institutions.
