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By Gabriel Dike
Worried by the decline in the collection of Education Tax (EDT), the Tertiary Education Trust Fund (TETFund) and Federal Inland Revenue Service (FIRS) have mapped strategies to increase the collection of EDT nationwide.
The Executive Secretary of TETFund, Prof. Suleiman Bogoro, expressed concern over the drop in education tax collection as a result of COVID-19 pandemic.
Bogoro made the observation in Lagos at TETFund and FIRS 2021 Joint Interactive Forum with the theme: Improving EDT collection in the post pandemic era”. The event attracted beneficiaries’ institutions and lecturers from South West zone.
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He explained that the interactive forum has become a yearly event, which serves as a platform to showcase how funds have been used in the tertiary institutions.
Bogoro disclosed that in 2013, FIRS collected N270billion as Education Tax and N189billlion was realized out of expected EDT of N300billion. He said the decline was due to the effect of COVID-19 on the economy resulting in low collection of EDT by FIRS.
The TETFund boss said in 2021, he expected to collect N300billion as education tax and was hoping to increase it to N500billion for 2023.
