House of Representatives has reiterated its commitment to ensuring accountability and transparency in the management of public funds.
Speaker Abbas Tajudeen made the commitment at the public hearing on the proposed amendments to the Tertiary Education Trust Fund (TETFUND) Act (2011) in Abuja on Friday organised by House Committee on TETFUND and other Services.
Represented by the Leader of the House, Hon. Julius Ihonvbere (APC, Edo), Abbas said,
“The over-reliance on the fund by beneficiary institutions has encouraged a lack of innovations by some of the tertiary administrators while the legal framework allowed some ambiguities and potential risks of arbitrariness.
“Particularly in the areas of the authorisation of withdrawals from the fund, and the assessment and clarity on taxable profits for the Fund’s contributions.
“The amendments are meant to provide for additional conditions for assessing funds for capital projects by beneficiary institutions and related matters.
“I understand that the current framework limits the effective oversight function of the National Assembly and questions the transparency and accountability procedures adopted by the administrators.
“The 10th House of Representatives has a responsibility as the People’s House to ensure accountability and transparency in the management of public funds.”
Also speaking, the committee’s chairman, Hon. Mariam Onuoha (APC-Imo) said the bill seeks to correct rising issues of ally poor implementation of projects which left doubts on how much funds have been deployed and how much had been done in tertiary institutions.
Onouha said stemming from the controversies and complains from stakeholders, the speaker recommended amendments to section 7 of the Act to strengthen the guidelines for accessing and utilisation the funds.
