The Tertiary Education Trust Fund (TETFund) has announced its plan to allocate a more substantial portion of its annual direct disbursements following an improvement in tax collections.

Sonny Echono, the Executive Secretary of TETFund, revealed this information during an interactive session with heads of beneficiary institutions in Abuja regarding the disbursement guidelines for the 2024 intervention cycle.

Echono expressed his appreciation to the Federal Inland Revenue Service (FIRS) for their diligent efforts in collecting education taxes, stating that the 2023 tax collections would be allocated for the 2024 intervention projects.

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The education tax collection in 2023 marked the highest amount in a single year since the fund’s inception.

The increase in revenue was attributed to various factors, including the commitment of both the former and present administrations, which approved an increase to 3 percent of accessible profit.

The collaboration between the FIRS and TETFund played a crucial role in these positive results.

Regarding the 2024 intervention program, Echono noted that TETFund has budgeted a significant increase in annual direct disbursements in response to the improved tax collections.

He mentioned that 90.54 percent of taxes generated are earmarked for direct disbursement, with 6.5 percent allocated for specific projects and 2.94 percent designated for stabilization to address emerging issues, all of which are subject to final distribution and approvals.

The proposed new interventions for annual direct disbursement include the establishment of Career Centers/Units in all categories of beneficiary institutions.

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Institution-based skills development programs for polytechnics are included to enhance the employability and career prospects of students.

The Special Direct Disbursement will see an increased allocation and an expanded number of beneficiary institutions for the Special High Impact Program (SHIP).

This program will focus on providing hostels through Public-Private Partnership arrangements for selected beneficiary institutions.

Other initiatives for the 2024 Intervention Year include the implementation of the ICT roadmap with provisions for converged services, subscription services for fixed cable/internet access, and the Tertiary Education Research Application Services initiative.

There will be upgrades to laboratories, workshops, and equipment at universities, polytechnics, and colleges of education (technical).

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The expansion of early-grade resource centers to Colleges of Education is also part of the plan.

Echono emphasized the importance of deepening research, promoting innovation, and nurturing creative talents among scholars and students as a vital aspect of the renewed hope agenda of the present administration.