The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has reaffirmed the House’s commitment to ensuring transparency and accountability in managing public funds, particularly in the operations of the Tertiary Education Trust Fund (TETFUND).
Speaking at a public hearing on proposed amendments to the TETFUND Act (2011) in Abuja, Abbas represented by House Leader Rep. Julius Ihonvbere emphasized that while the Fund has significantly fulfilled its mandate, gaps in the legal framework hinder its efficiency. He noted that over-reliance on TETFUND by institutions has stifled innovation and led to ambiguities in fund disbursement and taxable profits assessment. The proposed amendments aim to enhance fund access for capital projects and strengthen oversight mechanisms.
House Committee Chair on TETFUND, Rep. Mariam Onuoha, explained that the bill, sponsored by the Speaker, seeks to address concerns over project implementation and transparency in fund utilization. She announced plans for a school-by-school oversight from the second quarter of the year to inspect infrastructure projects, document abandoned sites, and hold defaulting contractors accountable.
TETFUND Executive Secretary, Sonny Echono, decried the indiscriminate establishment of tertiary institutions without sustainable funding plans, urging lawmakers to prioritize the expansion of existing institutions. Similarly, ASUU President, Prof. Emmanuel Osodeke, called for the union’s return to the TETFUND board and the establishment of an independent monitoring committee to oversee projects.
Stakeholders at the hearing emphasized the need to protect TETFUND from proposed tax reforms that could threaten its operations, highlighting its critical role in Nigeria’s tertiary education sector.
