News
TETFund Records over N60bn Revenue Decline
The Tertiary Education Trust Fund (TETFund) has recorded over N60 billion fall in revenue. The Executive Secretary of TETFund, Mr. Sonny Echono, disclosed this yesterday in Abuja when members of the House of Representatives Committee on Tertiary Education and Services, led by Hon. Aminu Suleiman, paid an oversight visit to the agency.
Echono, who spoke on TETFund’s operations and the state of finances, especially from 2017 to date said that last year’s collection dropped to N189 billion.
He said: “We witnessed a steady rise in collections under the education tax but unfortunately, last year, for the 2021 there was a sharp drop and that left us in a very dare position.
“For example, as I said, from N154 billion in 2017, the tax collection rose steadily to N257 billion over the years.
“So by 2020, we’ve got N257 billion, but unfortunately, last year’s collection, which is what we are using to operate this year, dropped sharply to N189 billion.
“So over N60 billion drop revenue or resources available to TETfund and the way we operate, 2021 collections were used for 2022 operations,” the TETfund boss said.
He, however, noted that given Mr. President’s commitment on increased funding for education, and with the usual support of the National Assembly, the tax rate last year was increased from 2 to 2.5%.
“But the target is that before the end of this administration, it will increase to three per cents, which is a commitment that the President has already given in writing to the Global Partnership for Education.”
Echono further commended the level of support and cooperation the Fund has enjoyed from the committee and the National Assembly, while seeking its support in effecting the amendment of the fund.
He said: “This is a major area that will be seeking the support of the National Assembly in terms of legislation.
“The other aspect is the fact that in contravention of this oversight, we also want to open our activities to independent assessment and evaluation on our behalf.
“So we have designed a monitoring and evaluation that will be involving key stakeholders, like the National Assembly, even the staff unions in our tertiary institutions, to join us do independently look at some of the things that we’re doing.”
Responding, Suleiman assured the fund of its continued support and cooperation to ensure that the system continue to work stronger.
He said: “We congratulate you and we assure you of our support, without prejudice to the fact that sometimes we can agree to disagree.
“And I’m sure you are familiar we have had quite several even when you are the permanent secretary to disagree entirely with the ministry, but not predicated on any personal motive but to share with you where I’m at with them differently from the way things are being done, and in most cases, we actually arrive at the surface.
“I have no doubt that our relationship will continue here. The essence is for us like I said to better the system.”
He said that the visit was a legislative requirement on any legislatures through various committees that a minimum of an oversight must be conducted and the periodic report submitted to the house through the culinary bureaus to discuss matters, particularly challenges that agencies and monitors of those agencies are facing.
He also directed TETFund to mandate state institutions benefiting from its interventions to submit reports of their operations within three weeks.
Suleiman said: “For about four or five months we have written to the fund asking them to invite the attention of state institutions who are benefiting from the TETFund operations to send to the committee their statement of operations as thy relates to what they have been getting from to the TETFund.
“We do not know whether it is TETfund that has not communicated to the institutions or they have not followed up on all or the institutions felt that they state institution and they are not responsible to us.
“If they didn’t they should stop funding them because they cannot collect public fund and refused to account for it, impossible, they have to account.
“If they refuse to account because they are state institutions then they should go back to the state governors and get funding which is even the right thing that is supposed to be done.
“TETFUND is supposed to be assisting but we have a situation where every governor now set up an institution and abandon it to TETfund for funding except salaries.
“I use this opportunity to advise that bodies responsible for these should ensure that within three weeks all the state’s institution complied if they did not the committee will decide whether they are entitled to continue to benefit from succession that is under the control of TETfund,” he added.
British High Commission in Nigeria has reiterated the strong, long-standing relationship between the United Kingdom and Nigeria following the release of the UK Immigration White Paper earlier today.
A spokesperson for the High Commission stated that the UK remains a top destination for Nigerians seeking opportunities to work, study, visit, and settle, acknowledging the valuable contributions Nigerians make to the UK economy and society.
The White Paper outlines reforms to legal migration, aimed at restoring order, control, and fairness to the system while promoting economic growth.
The spokesperson assured that changes would be gradual, with further engagement between the UK and Nigerian government officials once implementation details are finalized.
“The UK has a proud tradition as an outward-looking nation, investing and trading abroad, and welcoming the creativity, ideas, and diversity of those who come to contribute here,” the spokesperson said.
The UK government has pledged to work closely with Nigerian authorities to ensure a smooth transition as the new immigration policies take effect
Nigerian Electricity Regulatory Commission (NERC) has directed nine electricity Distribution Companies (DisCos) to compensate Band A customers residing in 557 streets across their franchise areas for failing to meet the minimum power supply requirement under the new electricity tariff regime.
According to NERC, the affected DisCos must implement compensation across 152 electricity feeders due to poor supply in April.
The compensation will be provided through electricity credit or improved power supply, as outlined in the April 2025 Multi-Year Tariff Order.
The directive affects the following DisCos:
Abuja Electricity Distribution Company (AEDC)
Eko Electricity Distribution Company (EKEDC)
Port Harcourt Electricity Distribution Company (PHED)
Kano Electricity Distribution Company (KEDCO)
Kaduna Electricity Distribution Company (KAEDCO)
Ikeja Electric (IE)
Ibadan Electricity Distribution Company (IBEDC)
Benin Electricity Distribution Company (BEDC)
Enugu Electricity Distribution Company (EEDC)
The development follows a tariff hike of over 300% for Band A customers in 2024, which mandated a minimum daily power supply of 20 hours. Despite the increase, many consumers have continued to report poor service delivery, leading to the latest compensation directive.
NERC stated that affected DisCos must upgrade power supply in designated areas or provide electricity credits to customers who experienced service failures.
Socio-Economic Rights and Accountability Project has called on the Central Bank of Nigeria to immediately disclose whether it has commenced the direct disbursement of allocations to the 774 local government areas in Nigeria, following the Supreme Court’s landmark judgment nullifying state governors’ control over LGA funds.
In a letter dated 10 May 2025 obtained by our correspondent, addressed to the CBN Governor, Mr Olayemi Cardoso, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the group also demanded that the bank “widely publish the amounts, if any, so far sent directly to each of the local governments” and provide a detailed explanation of any payments already made—particularly to LGAs in Rivers State.
The group stated: “We are writing to request you to use your good offices and leadership position to immediately disclose whether the CBN has commenced the direct disbursement of allocations to the 774 local government councils in Nigeria from the Federation Accounts with the CBN, and to widely publish the amounts, if any, so far sent to each of the local governments.”
This request follows a Supreme Court judgment declaring the practice by governors and the FCT Minister of retaining and disbursing LGA allocations unconstitutional and unlawful.
The court ruled that no governor or agency has the authority to interfere with allocations meant for LGAs from the Federation Account.
Citing this judgment, SERAP argued: “Local government councils are entitled to a direct payment from the Federation Account of the amount standing to their credit in the said Federation Account. States should not be collecting, receiving, spending or tampering with the local government council funds from the Federation Account meant for the benefit of the councils.”
The advocacy group expressed concern that despite the ruling, many state governors have continued to “starve local governments of funds and put them in peril,” thereby undermining their autonomy and capacity to function as the third tier of government.
In the letter, the group warned that if the CBN fails to act within seven days, it would take legal action.
“If we have not heard from you by then, the Incorporated Trustees of SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest,” the letter stated.
SERAP referenced a past revelation by former President Muhammadu Buhari, who in December 2022 described how governors allegedly short-changed LGA chairmen.
“If the money from the Federation Account to the state is about N100 million, N50 million will be sent to the chairman, but he will sign that he received N100 million. The chairman will pocket the balance and share it with whoever he wants to share it with,” Buhari had said.
The organisation argued that the CBN has a constitutional and statutory obligation to protect the financial interests of all tiers of government.
“The CBN ought to act in the public interest to protect the allocations in the Federation Account and the public funds disbursed from that Account directly to each of the constitutionally recognised three tiers of government,” it said.
Highlighting the March 2025 revenue distribution by the Federation Account Allocation Committee, SERAP noted that a total of N1.578 trillion was shared among the three tiers of government. It queried whether the LGAs had received their fair share directly, as mandated by the court ruling.
“Ensuring that all restrictions against direct disbursement of allocations from the Federation Account to the 774 councils are lifted will comply with the orders by the Supreme Court and stop states and the FCT from tampering with the allocations ahead of the 2027 general elections,” SERAP warned.
The group further argued that Nigerians have a legal and moral right to know how their money is being managed, referencing several legal frameworks, including the Nigerian Constitution, the Freedom of Information Act, the African Charter on Human and Peoples’ Rights, and the International Covenant on Civil and Political Rights.
“The public interest in publishing the information sought outweighs any considerations to withhold the information. Nigerians are entitled to the right to receive information without any interference or distortion, and the enjoyment of this right should be based on the principle of maximum disclosure,” SERAP stated.
The group also reminded the CBN that “the Freedom of Information Act is applicable and applies to public records in the Federation, including those kept by the CBN.”
Nigeria to Receive $3Bn Telecoms Infrastructure in June – Minister
NIPOST Partners KLM on Global Mail Delivery
CBN Issues Advisory on Scammers Flaunting Fake Contracts
Airtel Money Plans IPO to Compete in Fintech Space
Legend Internet Debuts Nigeria’s First Fibre-to-the-room Service
E-Business2 days agoNIN: FG Increases DoB Update Fee by 75Percent to N28,574
Broadcasting2 days agoAfreximbank Unveils Third Edition of Short Film Competition ‘Creative Africa Nexus’
General News2 days agoNIMASA Embraces Technology to Strengthen Regulatory Mandate
Telecom2 days agoMTN Commits $10Bn to Nigeria’s Digital Infrastructure
E-Financial2 days agoSEC Intensifies Fight Against Ponzi Schemes With Market
E-Business2 days ago10 Percent of Nigerians Affected by Data Breaches since 2004
News2 days agoSERAP Challenges CBN to Publish Local Government Allocations
News2 days agoCFUIS Expands to Nigeria, Boosting U.S. Immigration and Business Opportunities