NEITI and TETFund have signed a partnership to enhance transparency and ensure efficient use of N1.024 trillion in education tax revenues from Nigeria’s extractive sector through improved data sharing and accountability mechanisms.
In a renewed drive to enhance transparency and accountability in Nigeria’s education sector, the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have entered into a strategic partnership centered on data sharing and financial oversight.
The agreement, formalized through a Memorandum of Understanding (MoU) signed in Abuja, aims to streamline the remittance and monitoring of education tax revenues derived from the extractive industry. According to NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, the total contributions from the sector to TETFund over the past five years amounted to N1.024 trillion.
“The collaboration will ensure NEITI’s independently verified data supports TETFund’s planning and accountability mechanisms,” Orji noted. “This will improve revenue forecasting, help track inflows in real-time, and support decision-making processes that strengthen Nigeria’s public tertiary education.”
He explained that the partnership is designed to guarantee prompt remittances of education tax and reinforce public confidence in how such funds are utilized. Orji added that between 2019 and 2023, total receipts from the extractive sector surged, peaking at N571.01 billion in 2023 alone—marking the highest annual inflow so far.
Earlier figures show that in 2022, TETFund received N322.99 billion, while a combined N644.19 billion was recorded from 2019 to 2021, with N624.32 billion disbursed. These figures underline the vital role extractive industry taxes play in funding Nigeria’s higher education.
“The essence of this MoU is to connect the source of revenue with its purpose. NEITI ensures payments are verified; TETFund applies the funds for national impact—be it research grants, modern laboratories, or improved learning environments,” he said.
TETFund’s Executive Secretary, Sonny Echono, described the MoU as a milestone in institutional cooperation, stating that it arose from ongoing engagements aimed at tightening revenue collection and utilization frameworks.
“The agreement will help us generate more accurate and credible data, improve revenue streams, and secure overdue payments, all of which align with President Bola Tinubu’s education development agenda,” Echono remarked.
Also present was the Permanent Secretary of the Federal Ministry of Education, Mr. Abel Enitan, who welcomed the partnership as a crucial step toward sustainable educational progress. He emphasized the need for continued transparency and the recovery of outstanding remittances from extractive companies.
“This is not just a formal collaboration,” Enitan said, “it is a foundation for lasting educational reform and national development.”
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