The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have strengthened their partnership to improve transparency in tax remittances and revenue disclosures, ensuring the effective use of funds for tertiary education development in Nigeria.
During a courtesy visit by TETFund’s management to NEITI’s headquarters in Abuja, both agencies emphasized the importance of credible data access and strict tax compliance.
NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, highlighted concerns about remittances by extractive sector companies and the need for improved accountability.
“NEITI has noted with significant concerns, the remittances of the funds by liable operating entities, as well as the prudent and accountable management of the revenues to achieve intended purposes,” Orji stated.
He reiterated NEITI’s role in monitoring payments from the oil, gas, and mining industries, particularly the Education Tax that forms a major revenue source for TETFund.
“NEITI and TETFund will ensure prompt remittances of education tax; promote prudent utilization of funds, and encourage data sharing and joint research,” Orji added.
TETFund revenue details
- Orji disclosed that TETFund received over N3.8 trillion between 2013 and 2023.
- He added that NEITI’s latest industry audit reports for the oil, gas, and mining sectors showed that accruals to the fund stood at N229.34 billion in 2022 and N564.65 billion in 2023.
- He commended TETFund for its role in providing infrastructure and research support to tertiary institutions across the country.
“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 noted.
He explained that once completed, the NEITI Data Centre would serve as a comprehensive repository for data on Nigeria’s oil, gas, and solid minerals industries, including all NEITI Annual Industry Reports from 1999 to date.
Collaboration on data access
TETFund’s Executive Secretary, Mr. Sonny Echono, stated that the visit aimed to strengthen collaboration with NEITI in accessing data on financial accruals to TETFund and tax compliance by extractive companies.
“These pieces of information will enable TETFund to expand their support for infrastructural development of tertiary institutions in Nigeria,” Echono said.
He emphasized that TETFund places significant confidence in NEITI’s data credibility and availability, noting that the information is crucial for its revenue generation efforts.
Both organizations agreed to initiate a joint training program for TETFund stakeholders, tertiary institutions, and key policymakers on transparency, accountability, and public finance management in line with global best practices.
