The Tertiary Education Trust Fund has revealed that its revenue collection for 2021 used for its operations in the 2022 fiscal year dropped by N68billion.
The executive secretary of the fund, Sonny Echono, disclosed this in a one-day meeting of the heads of beneficial institutions in public tertiary institutions with the TETFund.
Echono said that the revenue collection dropped from N257bn to N189bn, adding that the drop in revenue amounted to N68bn.
He therefore said that in spite of the drop, the fund was able to move from the N189billion in 2021 to over N300billion in 2022, adding that the increase in collection was expected to increase disbursement to beneficiary institutions in 2023.
“Our collections yield to our disbursement to you. We received N189 billion as against N257billion in 2021 which is a deficit or shortfall of N68billion in revenue and this has impacted on what you get from us.
“Yet, I am pleased to report that despite this challenge, in the last eight months, we have disbursed more funds to you than any year in the establishment of the fund.
“Our primary duty is actually a disbursement agency and we are expected to ensure that this is done judiciously for the purposes of funding projects in the various institutions, he said.
Echon also noted that the president is committed to increasing the funding for education and with the support of the National Assembly, the tax rate was increased from 2 to 2.5 per cent, adding that is was a deliberate effort at mobilising resources for the fund.
Echono further said that the 2022 zonal intervention would focus on improving and expanding its ICT capabilities to catch up with the rest of the world in the ICT space for needed national development.
He added that the fund was also reviewing its processes for enhanced and better service delivery to beneficiary institution, while also focusing on entrepreneurship and innovation hubs for hands-on training.
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