The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that over the past five years, the Tertiary Education Trust Fund (TETFund) has received a massive ₦1.024 trillion from the education tax collected from extractive industries. That’s over a trillion naira meant to uplift Nigerian universities, fuel scholarships, and spark research breakthroughs.
NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, shared this at a high-stakes event in Abuja, where NEITI and TETFund signed a Memorandum of Understanding (MoU). This partnership promises to change everything about how educational funds are tracked in Nigeria.
“We are not just signing papers—we are building a covenant with the Nigerian people,” Orji said, his voice firm. “From oil wells to lecture halls, we are demanding full accountability.”
The MoU allows NEITI to give TETFund real-time, credible data on revenue. That means quicker remittances, smarter planning, and zero tolerance for missing funds. NEITI’s data will now feed directly into TETFund’s strategies—so every naira can be traced and used where it matters most.
Record-breaking Inflows, But Where’s the Impact?
According to NEITI’s reports, in 2022 alone, TETFund got ₦322.99 billion. Then in 2023, it skyrocketed to ₦571.01 billion—the biggest yearly inflow ever. From 2019 to 2021, TETFund had already received ₦644.19 billion. That’s a combined total of over ₦1 trillion in just five years.
Dr. Orji didn’t hold back:
“This money must not disappear into paperwork. It must turn into world-class libraries, working laboratories, research that solves real problems, and learning spaces that empower our youth.”
NEITI insists it will help TETFund track every payment—what’s due, what’s paid, and what’s still missing. The goal? Absolute transparency.
“Together, we are creating a value chain of accountability—from extraction to education,” Orji declared.
TETFund Responds: We Are Ready
TETFund’s Executive Secretary, Sonny Echono, called the partnership a game-changer.
“This MoU sets the tone for a smarter, more transparent future,” he said. “We will ensure no kobo is lost and that our funding strategy meets President Tinubu’s development agenda.”
Echono noted that this partnership will help TETFund recover unremitted education taxes—funds that could power major advancements in Nigerian education.
“We’re building a system where we don’t just receive money—we account for every part of it.”
Federal Government Backs the Move
Representing the Federal Ministry of Education, Permanent Secretary Abel Enitan praised the initiative, calling it a bold step toward sustainable educational growth. He emphasized that the Ministry is fully behind the MoU, particularly in holding extractive companies accountable for unpaid taxes.
“This partnership isn’t just about money. It’s about changing lives—today and for generations to come,” he said.
This isn’t just paperwork or another government deal—it’s a lifeline for Nigeria’s broken education system. With over a trillion naira on the table, Nigerians deserve answers, impact, and visible results. The real question now is: Will this partnership deliver? Every citizen should be watching.
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