The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that the total revenue accrual to the Tertiary Education Trust Fund (TETFund) from Education Tax reached approximately N1.024 trillion in five years.
The Executive Secretary of NEITI, Dr. Ogbonnaya Orji, stated this in Abuja at the Memorandum of Understanding (MoU) signing ceremony between NEITI and TETFund, quoting NEITI industry reports on the Nigeria extractive sector.
A statement signed by the Deputy Director, Communication and Stakeholders Management, Chris Ochonu, stressed that the MoU signed was on information and data sharing which ensures that NEITI’s verified data will feed into TETFund’s strategic planning, revenue forecasting, and accountability framework.
“Under the MoU, NEITI will work with TETFund to ensure timely and prompt remittances through early deployment of evidence-based data. NEITI will also provide real-time information on revenue accruals due to TETFund to guarantee transparency and support the Fund in tracking remittances and utilisation.
“Our joint effort will uplift educational institutions, enhance access to scholarships, and strengthen the research ecosystem across our public tertiary institutions,” Orji stated.
He emphasised that NEITI’s role will be to continuously support TETFund with timely, credible, and independently validated data on revenue accruals from the extractive sector.
This support, he said, will enhance TETFund’s capacity to track what is due, what has been paid, and what is yet to be remitted, thereby promoting accountability and enabling proactive financial planning in the education sector.
On the accruals to TETFund from education taxes from the extractive sector, a breakdown of the revenues from the NEITI’s industry audit reports showed that: In 2022, the total revenue accruals to TETFund stood at N322.99 billion while in 2023, that figure rose significantly to N571.01 billion, the highest annual inflow to date.
Besides, between 2019 and 2021, NEITI audit data showed that total accruals to TETFund amounted to N644.19 billion, of which N624.32 billion was disbursed. These disbursements, Orji stressed, highlight the centrality of the extractive sector in financing Nigeria’s tertiary education.
“Today’s MoU connects the source and the application of public revenues. NEITI tracks and verifies what is paid. TETFund ensures that what is received is invested for impact. Together, we are creating a value chain of accountability—from extraction to education,” the executive secretary maintained.
Orji stressed that the over N1.024 trillion that has accrued to TETFund in just five years must be fully accounted for, efficiently deployed, and transparently tracked and that it must translate to modern libraries, functional laboratories, revitalised lecture halls, and cutting-edge research that meets the challenges of the 21st century.
“With this MoU, NEITI and TETFund commit to a future of joint accountability, open data exchange, and measurable impact. This is not just a partnership between two institutions—it is a covenant with the Nigerian people and a promise to ensure that Nigeria’s natural resource wealth truly works for every citizen—especially through education,” he restated.
In his remarks, the Executive Secretary of TETFund, Sonny Echono, stated that the MoU signing ceremony was a landmark event from the series of engagements between TETFund and NEITI.
Echono explained that the MoU will enable TETFund and NEITI explore various avenues of ensuring accountability in the areas of tax accruals on education tax are duly remitted. He noted that this is to enable TETFund recover such funds to boost revenue for education development that promotes the agenda of President Bola Tinubu.
“The MoU will also define a framework that will enable us to get accurate, credible, and up-to-date data that will culminate into a very firm agreement between the two agencies. Other key components of the MoU include improvement of revenue and efficiency in its collection,” Echono reiterated.
Permanent Secretary, Federal Ministry of Education, Mr. Abel Enitan, described the MoU signing as a welcome development and a foundation for sustainable growth in the education sector.
Enitanemphasised the ministry’s support, highlighting the importance of transparency and NEITI’s vital role not just in signing, but also in implementing the agreement.
He called for an urgent need to recover extractive companies’ unremitted taxes for education development that will impact not only the present generation but also generations unborn.
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