… Rakes in N279bn from education tax
Chairman, Board of Trustees (BoT), Tertiary Education Trust Fund (TETFund), Dr. Musa Babayo, yesterday disclosed that N135 billion was approved as direct disbursement to the three tiers of public tertiary institutions for this year. He also confirmed that N279 billion was realised from education tax in 2013.Babayo made the disclosure during an interactive forum between TETFund and Federal Inland Revenue Service (FIRS), at the University of Lagos (UNILAG). The event, which focused on the theme, Impact of Strategic Partnership in the Collection of Education Tax, was attended by the Executive Chairman, FIRS, Malam Kabir Mashi, members of both organisations, as well as the representatives of benefitting institutions.
Babayo said the BoT had, in accordance with the TETFund enabling Act, approved N135 billion as direct disbursements to public universities, polytechnics and colleges of education for the year 2014.
According to him, “this represents an average of 45 per cent increment on 2013 allocation to the benefitting institutions.”
He said the increased allocation to tertiary institutions by TETFund came as a result of the progressive growth of education tax collections in 2013, where N279 billion was remitted.
He said TETFund surpassed its target of N118 billion set for the year, with an increase of N161 billion. He commended the FIRS management and staff for the laudable achievement.
“The collaborative partnership existing between TETFund and FIRS need to be sustained and enhanced to ensure that the objectives behind education tax collection are achieved,” he said.
Also speaking, the Executive Secretary, TETFund, Prof. Suleiman Bogoro, explained that five years (2014 to 2019) had been approved by the BoT to deepen its focus on academic contents, quality and excellence in tertiary institutions.
He noted that the department of research and development, and centres of excellence had been created to drive the initiative and support the establishment and operations of research and development in tertiary institutions in the country.
Bogoro, who was represented at the forum by Oladipo Salawu, said the allocation to each university grew from N303 million in 2010 to N912 million in 2014. Also, allocations to polytechnics rose from N183 million in 2010 to N661 million in 2014, while that of colleges of education leapfrogged from N157 million in 2010 to N581 million in 2014.
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