From Adanna Nnamani, Abuja
The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Tertiary Education Trust Fund (TETFund) received approximately N1.024 trillion from Education Tax revenues over a five-year period, emphasising the crucial role of the extractive sector in funding Nigeria’s tertiary education system.
The disclosure was made by NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, during the signing of a Memorandum of Understanding (MoU) between NEITI and TETFund in Abuja yesterday.
Dr. Orji said the agreement centers on data and information sharing, which will see NEITI’s independently verified data contribute directly to 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,” he stated.
He emphasised that NEITI’s role is to provide credible, timely, and independently validated data to enhance TETFund’s ability to monitor what is due, what has been paid, and what remains outstanding.
A breakdown of revenue inflows from NEITI’s audit reports shows that TETFund received N322.99 billion in 2022, while in 2023, inflows surged to N571.01 billion — the highest recorded annual figure. Between 2019 and 2021, the total revenue accrued to TETFund amounted to N644.19 billion, of which N624.32 billion was disbursed.
“These disbursements highlight the centrality of the extractive sector in financing Nigeria’s tertiary education,” Dr. Orji noted.
He further stressed the importance of transparency and prudent utilization of these funds: “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,” he said.
“The 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, revitalized lecture halls, and cutting-edge research that meets the challenges of the 21st century.”
Reaffirming the essence of the partnership, Dr. Orji added:
“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.”
In his remarks, the Executive Secretary of TETFund, Arc. Sonny Echono, described the MoU signing as a milestone achievement following a series of engagements between both agencies.
Arc. Echono noted that the collaboration would support greater accountability in the remittance of Education Tax revenue by companies in the extractive sector.
“The MoU will also define a framework that will enable us 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,” he said.
Also speaking at the event, the Permanent Secretary of the Federal Ministry of Education, Mr. Abel Olumuyiwa Enitan, commended the partnership, describing it as a step toward sustainable development in the education sector.
Mr. Enitan reiterated the Ministry’s full support for the initiative and stressed the importance of transparency and the urgent need to recover unremitted education taxes from extractive companies.
“This MoU sets the foundation for reforms that will not only impact the present generation but also ensure that future generations benefit from Nigeria’s resource wealth through a strengthened and well-funded education system,” he said.