Tertiary Education Trust Fund (TETFund) has said the federal government is owing it the sum of N323 billion.
Executive secretary of Fund, Arch Sonny Echono, disclosed this at an investigative hearing on the alleged missing N2.3 trillion in the Fund organised by an ad hoc committee of the House of Representatives.
The House had last Tuesday set up the committee headed by Hon Oluwole Oke (PDP, Osun) to investigate the alleged abuse of N2.3 trillion generated from the Tertiary Education Tax by the Fund from 2011 to 2023.
But appearing before the lawmakers, Echono said the allegation was not true, stating that the actual sum generated from education tax from 2011 to 2022 was N2.476 trillion, out of which the Federal Inland Revenue Service (FIRS) retained N99 billion as cost of collection.
He said the federal government since 2013 had borrowed N371.3 billion from the Fund, out of which it has paid N48 billion so far.
The executive secretary stated: “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.
“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”.
Echono also said consultations are ongoing to suspend foreign scholarships as a result of the current exchange rate.
He continued: “Currently, we are in consultations with all our stakeholders to suspend foreign training for a year or two. This is because of the recent exchange rate adjustments; we are unable to continue based on our disbursement guideline.
“The money we allocated in naira cannot cover the dollar requirement for training.Those who are currently there, we now need more naira to pay for the dollar that is required for their annual fees. We are trying to put a hold on it.
“Most of our training now will be done locally through our experienced, first-generation universities and other specialised universities based here. This way we can retain our resources in house and cope with the change of foreign exchange variation.
“Some of the scholars that have been sponsored, unpatriotic when they go, they enjoy our scholarship, acquire a higher degree, they refuse to come back, it has become a major crisis”.
Earlier, chairman of the committee, Oke, said the committee will look at all the documents submitted by TETFund and also look at the law establishing the fund, adding it was not out to witch-hunt.
Oke said the committee is also interested in the welfare of the staff of the fund and the House under the leadership of the Speaker, Tajudeen Abbas, will not harass or intimidate any agency or person.
He, however, stressed that the parliament will ensure the fund does what is right and delivers the required services to Nigerians, while the hearing was adjourned to Thursday.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
