TETFund Renews Clamour For 3% Education Tax Rate

Tertiary Education Trust Fund (TETFund) has reiterated its call for the upward review of the education tax rate to three per cent.

TETFund executive secretary, Sonny Echono made the call yesterday in Port Harcourt, while speaking at the 2022 joint interactive forum organized by the Fund and the Federal Inland Revenue Service (FIRS).

Echono, who was represented by the director, Strategy, Planning and Development, Irene Erivwo said the need to boost education tax collection for the purpose of advancing tertiary education in Nigeria, is further underscored by recent successes recorded in its various intervention projects and programmes in beneficiary institutions.

He said, “The need to boost education tax collection for the purpose of advancing tertiary education in Nigeria, is further underscored by recent successes that have been recorded through in the various intervention projects and programmes delivered by the Fund in beneficiary institutions.

“This has warranted as well as justified the call for a further upward review of the education tax rate to three per cent. This is also in tandem with goals of different economies, which holds true not just for Nigeria but for most of Africa, where governments were already struggling to bring in adequate tax revenues before the pandemic and are presently faced with an even more precarious situation as their debts become more difficult to manage.

“Further to this, it is imperative to ensure that the education tax net expands to cover as much as is possible so as to further improve the tertiary education sector. It is also important to consistently initiate and sustain proactive measures such as auditing.”

In his remarks, FIRS chairman, Muhammad Nami said despite several odds, the organization has continued to make progress on revenue mobilization for the three tiers of government.