TetFund supported tertiary education funding with over N1.838trn – Executive Secretary
The Executive Secretary of the Tertiary Education Trust Fund, Sonny Echono, on Friday, said that between 2011 and 2024, TetFund supported funding of tertiary education in Nigeria to the tune of N1,838,747,307,222.98.
Echono said, “The universities have benefitted to the tune of N918,733,823,138.22, polytechnics received N461,060,365,586.06 while Colleges of Education have received N 458,953,118,498.70 making a total of N1,838,747,307,222.98.”
He explained that the intervention funds were used for infrastructural development in the country’s tertiary institutions as well as support for academic training and capacity building, research among others.
He said for instance, “It is estimated that a total of over 152,838 infrastructural projects has been carried out across various public tertiary institutions from 2011 till date.
“These projects include the construction of senate buildings, lecture theatres, classrooms, hostels, offices, library buildings, laboratories, road network, water and power supply and distribution, perimeter fencing of institutions etc.”
Echono disclosed this while delivering the 34th convocation of the Olabisi Onabanjo University, Ago-Iwoye held on Friday.
The Executive Secretary spoke on “TetFund and Educational Development in Nigeria: The Treasures and The Future.”
Echono also said that TETFund has equally provided scholarships to over 42,000 scholars across institutions in Nigeria both locally and overseas, and approved nearly 150,000 academic and non-academic staff for conferences and workshops among others.
The Executive Secretary traced the establishment of TetFund by the military government of Gen Ibrahim Babangida (retd.) in 1993 to the challenge of funding and infrastructural collapse in the country’s tertiary institutions which began in the mid-1980s.
Echono however said that in 2011, TeFund which is funded with 3% of tax paid by the registered companies in the country was restricted to catering for tertiary institutions unlike in the past when the primary and secondary schools also were beneficiaries.
He explained that the strategic roles tertiary education plays in providing a skilled workforce for the development of any nation underscore the impact of TETFund’s various interventions.
The Executive Secretary said that the success story of TetFund is so huge that some African nations have borrowed the concept.
Echono has however said that in line with the renewed hope agenda of President Bola Tinubu, “TETFund will continuously strive to attain the status of a world-class education interventionist agency and become a financial backbone for educational research efforts in Nigeria.
“It will endeavour to make educational content development a strong complement to the infrastructural development that has been witnessed in the past decade.
“Its commitment to research and development, innovation, and commercialization of research products will remain unwavering”.
He also said “The Fund intends to sustain and expand the national research fair, which was first held in 2024.
“The Fund expects that the research fair will ultimately develop into a major national event that will significantly impact our research activities and output as a nation that will propel and catalyse our emergence and competitiveness amongst developed nations of the world.
“The Fund will enhance the administrative efficiency and effectiveness of its activities by ensuring prudent, judicious, and prompt disbursement of approved funds.
“It is also determined to intensify digital transition in our schools by providing additional Information and Communications Technology (ICT) facilities to further improve teaching and learning”.
He called for the future of Nigeria’s educational development to be anchored on strengthening the tertiary education institutions for sustainable national development in a post-subsidy era in Nigeria.
Echono added, “For our educational institutions to be competitive, considering the current state of the institutions and the challenges confronting the Nigerian economy, the tertiary education system should derive its focus from the overreaching philosophy of Nigeria, which centres on fostering unity and harmony grounded in principles of freedom, equality and justice in the face of the country’s diversity, to build a dynamic economy in a strong and self-reliant nation.
He said the mechanism for strengthening our tertiary education system to achieve these laudable goals includes a sustainable funding model, strengthening research capacity, the autonomy of tertiary institutions, and Academia-Industry Linkage and collaborations and structural vulnerabilities, specifically focusing on the flap and landing gear systems.”
Further investigations will include “detailed inspection and examination of the Right Main Landing Gear Assembly” and “testing and inspection of the flap drive system components, including the transmission assemblies, universal joints, ball nuts, and flap track.”
