Education

ASUU faults education tax as source of funding for tertiary institutions

 

The Academic Staff Union of Universities in Nigeria, ASUU, has warned against distorting the mandate of the Tertiary Education Trust Fund as an intervention agency.
The president of ASUU, Biodun Ogunyemi, gave the warning in Abuja at the weekend during the launch of a publication, TETFUND Monthly Digest.
Ogunyemi said education tax, which is statutorily administered by TETFUND, should not be the primary source of funding for development to tertiary institutions in Nigeria.
He said tertiary education should be run in a democratic environment.
Ogunyemi said TETFUND’s Monthly Digest would help the union monitor the activities of the fund.
Speaking at the event, the Executive Secretary of the fund, Abdullahi Baffa, said the publication will be used to report facts, figures on project approvals, research grants and other fund disbursements.
He said the bulletin would raise the transparency level in the sector, noting that institutions and the public are entitled to know what TETFUND approves.
According to him, the fund will compile information on disbursements, approvals and fund releases and make them available to the community of scholars and to all members of public.
TETFund was established as an intervention agency under the Tertiary Education Trust Fund Establishment Act 2011 and charged with managing, disbursing and monitoring the disbursement of the education tax.
The TETFUND Act imposes a two percent Education Tax on the accessible profits of all registered companies in Nigeria.

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