The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Tertiary Education Trust Fund (TETFund) received approximately ₦1.024 trillion in revenue from education taxes over the last five years.
This was disclosed by NEITI Executive Secretary, Dr. Orji Ogbonnaya Orji, during a Memorandum of Understanding (MoU) signing ceremony between NEITI and TETFund in Abuja.
The event marked a new partnership aimed at boosting transparency, accountability, and data-driven decision-making in education funding.
According to a statement issued by NEITI’s Deputy Director of Communication and Stakeholders Management, Mr. Chris Ochonu, Orji said the agreement would facilitate seamless information and data sharing between both agencies.
“The MoU being signed is on information and data sharing, which ensures that NEITI’s verified data will feed into TETFund’s strategic planning, revenue forecasting, and accountability framework,” Orji stated.
He noted that NEITI would provide TETFund with timely, evidence-based insights into revenue inflows, enabling the agency to track remittances, ensure transparency, and improve the utilisation of funds.
“This joint effort will uplift educational institutions, enhance access to scholarships, and strengthen the research ecosystem across our public tertiary institutions,” he added.
Orji emphasized that NEITI’s role includes providing credible and independently validated data from the extractive sector to help TETFund monitor what is due, what has been paid, and outstanding remittances.
A breakdown of the revenue inflows shows that in 2022, TETFund received ₦322.99 billion, while in 2023, the figure rose to ₦571.01 billion—the highest on record. Between 2019 and 2021, NEITI data revealed total accruals of ₦644.19 billion, out of which ₦624.32 billion was disbursed.
The data underscores the extractive sector’s pivotal role in funding Nigeria’s tertiary education system.
“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.
The Executive Secretary stressed that over ₦1.024 trillion that has accrued to TETFund in just five years must be fully accounted for, efficiently deployed, and transparently tracked. 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. A promise to ensure that Nigeria’s natural resource wealth truly works for every citizen, especially through education,” Dr. Orji reinstated.
The Executive Secretary of TETFund, Arc. Sonny Echono, in his welcome remarks, stated that the MoU signing ceremony is a landmark event from the series of engagements between TETFund and NEITI.
Arc. 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 Mr. President, Bola Ahmed Tinubu.
“The MoU will also define a framework that will enable us to get accurate, credible, and up-to-date data that will culminate in a very firm agreement between the two agencies. Other key components of the MoU include improvement of revenue and efficiency in its collection,” the Executive Secretary of TETFund reiterated.
The Permanent Secretary, Federal Ministry of Education, Mr. Abel Olumuyiwa Enitan, described the MoU signing as a welcome development and a foundation for sustainable growth in the education sector.
Mr. Enitan emphasised 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 future generations.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
