TETFund, EFCC Collaborate On Judicious Utilisation Of Intervention Funds

The Tertiary Education Trust Fund (TETFund) has established collaboration with the Economic and Financial Crimes Commission (EFCC) to ensure the judicious utilisation of intervention funds by Beneficiary Institutions.

The collaboration between the agencies was sealed when the executive secretary of TETFund, Arc. Sonny Echono led the Fund’s management on a courtesy visit to the Chairman of EFCC, Mr. Ola Olukoyede, at his office in Abuja last Thursday.

Speaking at the meeting, Arc. Sonny Echono stated that the visit was to show TETFund’s approval of the Commission’s efforts, particularly in ensuring that the Education Tax entrusted to the Fund to improve the education landscape of Nigeria is judiciously and prudently utilised for the good of all.

Echono noted that the Fund has taken some preventive measures to prevent financial infractions, such as collaborating with the Bureau for Public Procurement (BPP) to enlighten the heads of Beneficiary Institutions on procurement processes. He, therefore, appealed for a similar forum involving the EFCC and the Fund’s Beneficiary Institutions.

While identifying contract system improvement as an area of focus for the EFCC, he expressed hope that the visit would signal to Beneficiary Institutions and their contractors the need for integrity and reasonable use of taxpayers’ money.

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In his remarks, EFCC Chairman, Mr. Ola Olukoyede, expressed delight with the visit, noting that it would create awareness that both agencies are working together. He says, “When people become aware that we are working together, it will send a signal to those who want to cut corners or play smart.”

Olukoyede urged the Fund to show more significant commitment to monitoring its projects in Beneficiary Institutions to prevent delays, non-execution, or abandonment of projects by contractors engaged by the institutions.

He also urged the Executive Secretary to discharge the duties of his office with probity and accountability, saying, “So much trust has been placed on your shoulders vis-a-viz the source of your revenue, which is taxpayers’ money.

“Trust is a big burden, particularly when you are ready to be focused and do the right thing. There will be distractions here and there, particularly in the environment where we find ourselves, where people are used to cutting corners. But the onus is on us to do the right thing”.

He encouraged the executive secretary to ensure that the right thing is adhered to and in line with the statute.

While revealing that over 90 per cent of public corruption cases being investigated by his agency involved contract and procurement activities, he assured that the EFCC would be willing to collaborate much more with the Fund.