Hope Of TETFund Assistance Rises For Private Universities | Independent Newspapers Limited
Newsletter subscribe


Hope Of TETFund Assistance Rises For Private Universities

Posted: Nov 10, 2015 at 3:36 pm   /   by   /   comments (0)

Following series of representations made to the Federal Government for an amendment of the Tertiary Education Trust Fund (TETFund) Act to accommodate private universities, there are hopes that the request might see the light of the day soon.

Director-General/Chief Executive, Raw Materials Research and Development Council (RMRDC), Abuja, Professor Azikiwe Onwualu, , who represented President Mohammad Buhari and the Executive Secretary of the National Universities Commission (NUC),professor Julius Okogie,  gave this indication during the 10th founder’s day  and 7th convocation events of the Bells University of Technology (Bellstech), Ota.

Raising hopes of operators of the private tertiary education sector for consideration by TETFund, he stated that talks were on-going following representations made to the Presidency and the NUC for inclusion and collaboration of the Fund with the private university sector as a vital contributor to the human capital development of the country.

He added that the federal government’s partnership with the private sector was never a mistake adding ‘it gives us joy that the collaboration has not been misplaced’.

According to him, “I have taken note of the requests of the vice chancellor on behalf of other private universities, I want to assure the vice chancellor that discussions are already on probably based on the earlier interaction with TETFund and the discussions are in top gear and I believe that decisions will be taken as soon as possible”.

Professor Okogie in a message urged Nigeria and blacks in the Diaspora to look beyond the description of the continent as backward but continue to deploy technology to better the lots of fellow citizens and human race in general.

It will be recalled that the Vice Chancellor of the Bells University of Technology, Ota in Ogun State, and Chairman, Committee of Vice Chancellors and Registrars of Private Universities, Prof Isaac Adeyemi had within the week called on the federal government to include private universities as beneficiaries of the intervention funds from the Tertiary Education Trust Funds (TETFund) in order to aid research works.

Prof Adeyemi appealed to the federal government to assist private universities through approval of loans at single digit interest rate to assist in the areas of research works that will serve the society.

According to him, the current interest rate which is about 24 per cent is not helping any private business in the country especially educationists, adding that no one can do business successfully with such a high interest rate.

The Education Tax Act Cap. E4, Laws of the Federation of Nigeria, 2004 and Education Tax Fund Act No. 17, 2003 and establishes the Tertiary Education Trust Fund charged with the responsibility for imposing, managing and disbursing the tax to public tertiary institutions in Nigeria

The Act stipulates that in the management of the fund, “ The Board of Trustees shall administer the tax imposed by this Act and disburse the amount in the Fund to Federal and State tertiary educational institutions specifically for the provision or maintenance of ?  essential physical infrastructure for teaching and learning; instructional material and equipment; research and publication;  academic staff training and development; and any other need which, in the opinion of the Board of Trustees, is critical and essential for the improvement of quality and maintenance of standards in the higher educational institutions.

It stated further that the Board of Trustees shall administer, manage and disburse the tax imposed by this Act on the basis of-funding of all public tertiary educational institutions; equality among the 6 geo-political zones of the Federation in the case of special intervention; and equality among the States of the Federation in the case of regular intervention; The distribution of funds shall be in the ratio of 2:1:1 as between Universities, Polytechnics and Colleges of Education.