By Gift Olivia Samuel, The Sight News
ABUJA-The Executive Secretary, Tertiary Education Trust Fund(TETFund), Abdullahi Baffa, has disclosed that the approval of the 2018 TETFund Intervention Guidelines of N161 billion, is a massive boost to the higher education institutions in Nigeria.
This as he noted, that the amount which represents the Education Tax collection for the year 2017, will go a long way, especially as Nigeria is recovering from the worst recession in it’s history.
The Executive Secretary, who said these over the weekend at a Press Conference in Abuja, appreciated President Muhammadu Buhari for the approval of the 2018 TETFund Intervention Guidelines, which is the sum to be utilized for the 2019 Intervention activities in all the benefitting public Tertiary Education institutions in Nigeria.
Baffa, while reviewing the activities for 2018, noted that in the area of intervention, the Fund fully implemented the 2017 Revised Guidelines for accessing intervention funds by beneficiary institutions, which resulted to high level of compliance with the Guidelines for accessing funds by beneficiary institutions throughout 2018.
On the 2018 Education Tax Collection, he disclosed that the total as at November, stands at N200,793,193,208.54, which shows an increase of about 25.47 % over the previous year’s collection of N154.9 billion, adding that the growth in ETC, is a confirmation of Nigerian economy’s recovery from the avoidable recession.
He also noted, that the growth in the Education Tax Collection, will translate to a bigger allocation for Public Tertiary Education institutions and therefore more projects , scholarships and more research funds in the institutions.
The TETFund Boss, further said, that the sum of N133.84 billion was disbursed between January to December 2018, giving the distribution breakdown as; Universities-N66.93 billion, Polytechnics-N32.37 billion, Colleges of education-N32.65 billion while others were N1.89 billion.
“The Fund reaped the benefits of its 2017 projects proposal Defense and Access Clinic for institutions in 2018 with about 93.5% increase in access of intervention fund by Beneficiary institutions from N69.18bn in 2017 to N133.84bn in 2018”, he remarked.
On the proposed intervention activities for 2019, he noted that with the approval of the N161 billion 2018 intervention Budget, each public university will get an allocation of N785,832,700.00 each, public polytechnic will get N536,703,502.00 and each College of Education will get an allocation of N510, 084,900.00 respectively.
He further called on all entitled institutions, to come to the Fund’s head office to collect their allocations beginning from Monday, January 7, 2019.
While thanking President Buhari for his support to the board, he also thanked the entire beneficiary institution Community for the cooperation and understanding shared in 2018, as well as the management and staff of the Fund, for their support, diligence and professionalism.
Baffa, however, expressed optimism, that 2019 would be a much successful year for the Fund.