Facebook Twitter Instagram
    Breaking News
    • TETFund Begins Employability Benchmarking In Universities
    • Atiku Leads in Nationwide Grassroot Poll
    • Battling the Cabal: Why APC Governors are Taking on Buhari’s Gang
    • TETFund: UDUS Covid-19 Vaccine Set For Clinical Trial
    • Ecobank Beats Zenith, UBA To Win Coveted Best Place to Work in Africa Prize
    • TETFund Alleges Smear Campaign Plot
    • Uba Sani Begins Move to ‘Sustain’ Kaduna
    • FG Approves N4.7B for TETFund Research Grants
    Facebook Twitter LinkedIn Pinterest RSS
    The Outlook Nigeria
    Leaderboard Ad
    • Home
    • News
    • Politics
    • Environment
    • Education
    • Health
    • Business
    • Sports
    • Oil and Gas
    • Celebrity
    The Outlook Nigeria
    You are at:Home » TETFund Records N68b Drop in Revenue

    TETFund Records N68b Drop in Revenue

    0
    By Editor on November 22, 2022 Education
    Share
    Facebook Twitter LinkedIn Email Telegram WhatsApp

    Chidimma UCHEGBU

    The Tertiary Education Trust Fund (TETFund) has said that it recorded a shortfall of N68 billion in its revenue collection for 2021 used for its operations in the 2022 fiscal year.

    The Executive Secretary of the fund, Mr Sonny Echono, disclosed this at a One-Day Meeting of the Heads of Beneficial Institutions in public tertiary institutions with the TETFund.

    Echono said that the revenue collection of the fund had dropped from N257bn to N189bn, adding that the drop in revenue amounted to N68bn.

    He, therefore, said that in spite of the drop, the fund was able to move from N189 billion in 2021 to over N300 billion in 2022, adding that the increase in the collection was expected to increase disbursement to beneficiary institutions in 2023.

    “We received N257 billion in 2021 to only N189 billion which is a deficit or shortfall of N68 billion in revenue and this has impacted what you get from us. Yet, I am pleased to report that despite this challenge, in the last eight months, we have disbursed more funds to you than any year in the establishment of the fund.

    “Our primary duty is actually a disbursement agency and we are expected to ensure that this is done judiciously for the purposes of funding projects in the various institutions,” he said.

    Echono, however, noted that given President Muhammadu Buhari’s commitment to increased funding for education, and with the support of the National Assembly, the tax rate was increased from 2 percent to 2.5 percent. According to him, this is a deliberate effort to mobilise resources for the fund.

    The executive secretary expressed concern in the area of research intervention lines while revealing, from available data, that the nation was yet to benefit significantly from the desired impact of the intervention line.

    He said that the meeting would be considering new pathways to achieving greater impact on the various research and development interventions.

    “We are also for the first time adopting the bottom-up approach to the budgeting process for the year 2023 intervention cycle.

    “As beneficiaries and institutions that execute the intervention lines, we will appreciate your inputs and suggestions for better delivery of the intervention budget,” he said.

    Echono also said that the 2022 zonal intervention would focus on improving and expanding its ICT capabilities, to catch up with the rest of the world in the ICT space for needed national development.

    He added that the fund was also reviewing its processes for enhanced and better service delivery to the beneficiary institution, while also focusing on entrepreneurship and innovation hub for hands-on training.

    “We are currently re-working our 2007 edition of Guidelines for Disbursement and will make it available to you when completed.

    “We have also done some internal auditing of our staff to achieve better efficiency in the deployment to various departments of the Fund.

    “We also requested you to do the same with respect to TETFund Desk Officers and a summary of our expectations will also be presented at this forum,” he said.

    Share. Facebook Twitter LinkedIn Telegram WhatsApp
    Editor
    • Website

    Related Posts

    FG Approves N4.7B for TETFund Research Grants

    TETFund Unveils 50 New Textbooks for Schools

    JAMB Trains Varsity Administrators on New Admission Process

    Leave A Reply Cancel Reply

    • Popular
    • Recent
    • Top Reviews
    February 7, 2023

    TETFund Begins Employability Benchmarking In Universities

    March 21, 2020

    Samsung Galaxy S6 vs Apple iPhone 6s

    March 21, 2020

    Delta Govt to construct over 30km roads in agrarian communities

    February 7, 2023

    TETFund Begins Employability Benchmarking In Universities

    February 7, 2023

    Atiku Leads in Nationwide Grassroot Poll

    February 7, 2023

    Battling the Cabal: Why APC Governors are Taking on Buhari’s Gang

    9.3
    December 19, 2020

    Buhari vows to fight agents of destabilisation

    8.9
    December 19, 2020

    Laoreet Sed: Suscipit nec dapibus at elit

    7.5
    December 18, 2020

    In in augue lobortis, eleifend tortor et, varius

    Latest Galleries
    Latest Reviews
    9.3
    December 19, 2020

    Buhari vows to fight agents of destabilisation

    8.9
    December 19, 2020

    Laoreet Sed: Suscipit nec dapibus at elit

    7.1
    December 19, 2020

    Donec enim neque vulputate et commodo sed

    Copyright © 2023 TheOutlookNG. Powered by ETROG.
    • Home
    • About Us
    • Get In Touch

    Type above and press Enter to search. Press Esc to cancel.