Nigeria’s education tax revenue for 2024 has hit a record high of N1.5 trillion, surpassing previous collections amid commendations by stakeholders in the education sector.
The figure was announced on Monday by Fund’s Executive Secretary Sonny Echono at the meeting of heads of TETFund beneficiary institutions in Abuja.
The ES said the increase in education tax from 2.5 to 3 percent reinforced government commitment to the education sector.
“This change culminated in a record-breaking education tax collection of approximately N1.5 trillion so far this year. It reinforces the government’s dedication to strengthening Nigeria’s educational framework.
“The revenue generated from the education tax plays a significant role in maintaining and improving the infrastructure of our institutions, enhancing academic programmes, and promoting accessibility for students from diverse backgrounds.
“We now enter the 2025 budget cycle with a stronger foundation, one that allows us to enhance our impact across the country’s tertiary institutions.”
Echono further disclosed that the meeting with heads of tertiary institutions was a shared commitment to establishing a harmonious working relationship with relevant stakeholders, fostering an environment where efforts can be aligned to reposition TETFund for optimal performance.
“As Heads of TETFund beneficiary institutions, you play a pivotal role in actualising the mandate of the Fund. It is crucial that we engage constructively to set a clear course for the Fund’s direction and operational priorities.
“TETFund’s purpose is to empower our nation’s human capital, addressing the urgent need for capable, skilled professionals across all sectors,” he said.
Permanent Secretary, Federal Ministry of Education, Dr. Nasir Gwarzo, in his speech, stressed the importance of strengthened accountability and transparency in managing TETFund disbursements.
“We must be reminded that the future of Nigeria’s educational system is in our hands. As leaders, we bear the responsibility of ensuring that our institutions remain beacons of learning, innovation, and integrity.
“Today’s interactive engagement is an opportunity to build on the strides we have made, to reflect on areas that need improvement, and to chart a way forward that will strengthen not only our individual institutions, but the entire Nigerian educational system,” he said.
Similarly, the Chairman Senate Committee on Tertiary Institutions and TETFund, Senator Muntari Dandutse in his remarks stressed the importance of tertiary education to the growth and development of any nation.
“In Nigeria, our higher education sector is not just an academic pursuit; it is a social, cultural, and economic lifeline. The universities, polytechnics, and colleges of education across the country play a central role in providing access to quality education and preparing the youth for the demands of an increasingly complex and competitive global economy.”
He said the Committee is deeply committed to ensuring that institutions are adequately supported and funded. “This is why TETFund remains a critical partner in realising the aspirations of the Nigerian government in the education sector.
“However, while TETFund has made remarkable strides in advancing the course of tertiary education, we must acknowledge that there are still numerous challenges to overcome.
“These include inadequate infrastructure, lack of modern teaching facilities, inadequate research funding, and the need for continuous capacity building for both academic and non-academic staff.
“As we embark on the 2025 intervention cycle, it is crucial that we work together, across all levels of government and within the institutions themselves, to ensure that these interventions are effectively utilised and reach the intended outcomes.”
He said the 2025 intervention guidelines present an exciting opportunity for stakeholders to continue making progress in addressing the identified challenges and to foster greater engagement and collaboration between TETFund, the National Assembly, and the heads of tertiary institutions. “The success of our education system is not just dependent on funding but also on effective partnerships,” he said.
