The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have reinforced their collaboration to enhance transparency in tax remittances and revenue disclosures, ensuring the efficient allocation of funds for tertiary education in Nigeria.
During a visit by TETFund’s management to NEITI’s headquarters in Abuja, both agencies emphasized the importance of accurate data access and strict tax compliance. NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, raised concerns about the remittance of funds by extractive sector companies and called for greater accountability in managing these revenues.
“NEITI has noted with significant concern the remittances of funds by liable operating entities, as well as the prudent and accountable management of the revenues to achieve intended purposes,” Orji stated.
NEITI plays a crucial role in monitoring payments from Nigeria’s oil, gas, and mining industries, particularly the Education Tax, which is a key revenue source for TETFund. As part of their renewed collaboration, both agencies will work to ensure prompt remittances of education tax, promote the efficient utilization of funds, and foster data sharing and joint research initiatives.
Orji disclosed that between 2013 and 2023, TETFund received over N3.8 trillion. According to NEITI’s latest industry audit reports, education tax accruals stood at N229.34 billion in 2022 and surged to N564.65 billion in 2023.
He commended TETFund for its contributions to tertiary education, particularly in funding infrastructure and research support for institutions across the country. He also called for TETFund’s backing in completing the NEITI Data Centre and Library, which would serve as a central repository for data on Nigeria’s extractive industries.
“To enhance decision-making, policy formulation, and resource allocation to critical educational needs, partnership and technical support from TETFund to complete the NEITI Data Centre and Library will be a strategic investment,” Orji said.
The data centre will house all NEITI Annual Industry Reports from 1999 to date, offering a comprehensive resource for policymakers and stakeholders.
TETFund’s Executive Secretary, Mr. Sonny Echono, emphasized that the visit aimed to deepen collaboration with NEITI in tracking financial accruals to TETFund and monitoring tax compliance among extractive sector companies.
“These pieces of information will enable TETFund to expand support for the infrastructural development of tertiary institutions in Nigeria,” Echono noted.
He added that TETFund relies on NEITI’s data credibility to strengthen its revenue generation and allocation efforts. Both agencies agreed to launch a joint training program for stakeholders, tertiary institutions, and policymakers to enhance transparency, accountability, and public finance management in line with global best practices.
The strengthened partnership signals a commitment to ensuring that education tax funds are properly collected and utilized, ultimately improving tertiary education development across Nigeria.
