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From Ndubuisi Orji, Abuja
The Executive Secretary of the Tertiary Education Trust Fund (TETFUND), Mr Sonny Echono, has said that contrary to speculation, there is no missing N2. 3billion in the agency..
Echono gave the explanation, on Tuesday, when he appeared before the House of Representatives Ad-hoc Committee, investigating alleged missing fund in the agency. The House had last week adopted a motion to investigate the alleged missing of N2.3 trillion generated from the Tertiary Education Tax by the Fund from 2011 to 2023.
Nevertheless, the Executive Secretary noted that the total fund generated by
from education tax between 2011 to 2022 was N2.476 trillion. He stated that out this sum, the Federal Inland Revenue Service (FIRS) retained N99 billion as cost pf collection.
Echono added that the Federal Government borrowed N371.3 billion from the Fund , in 2013, out of which it has paid N48 billion so far.
According to him,“We do have challenges but these challenges and they have nothing to do with fraud. They are basically issues of governance and I would start by explaining what the challenges are.
“First in absolute terms so we have a clear picture of what we are talking about. From the year 2011 to 2022 total education tax collected by the FIRS as presented to us in their documentations, as confirmed from the statements we received from the Central Bank of Nigeria (CBN) which we have also attached for the Committee to peruse is N 2, 476, 733, 181, 679.75.
“Out of this amount, a total sum of 99 billion were retained by FIRS as cost of collection leaving a balance of 2.37 trillion. So the total fund that had hit education pool account at the CBN is 2.3 trillion from 2011 to date
“However the FG over time in the course of governance and to meet pressing needs has borrowed funds from these accounts. The total borrowing is approximately N371.339 billion. These borrowings happened over time and most of the borrowings started in 2013.”
Echono further stated that “The FG acknowledges that it was borrowing and we have full documentation of this and all the correspondences that accompanied it. Other borrowings since then are being tabulated and given to you. We did secure presidential approval for the refund of this borrowing since 2015 and the FG has been refunding albeit in piecemeal.
“To date total borrowing is over N371 billion. But total repayment to this date is about N48 billion. Last year 12.8 billion was given to us, this year another 12.89 billion was given to us.
They are just paying. God knows how long this will take to defray the principal amount.”
