The House of Representatives has set up an ad‑hoc committee to investigate alleged financial irregularities in projects funded by the Tertiary Education Trust Fund (TETFund).
The probe will focus on the period between 2011 and 2013, during which the fund reportedly generated about N2.3 trillion from the tertiary education tax.
The decision followed the adoption of a motion sponsored by Hon. Olusola Fatoba, Hon. David Fouh, and Hon. Zakari Nyampa. Lawmakers expressed concerns over the management and disbursement of funds to tertiary institutions, citing poor project supervision and instances where contractors were paid despite failing to meet project milestones.
The House noted that the tertiary education tax, initially established under the repealed Education Tax Act, imposed a 2.5% tax on assessable profits of Nigerian companies. In 2011, the act was replaced by the TETFund Establishment Act, and the Finance Act of 2021 later adjusted the tax rate from 2% to 2.5%.
Highlighting the alleged mismanagement, the House said that the current procedures within TETFund are flawed, leading to possible misappropriation of funds and unjust enrichment. Lawmakers warned that without urgent investigation, the deterioration of tertiary education could continue, resulting in substandard institutions, strikes, and a brain drain of talented youth.
The motion also emphasized that TETFund, while a commendable intervention program, risks collapsing if oversight and accountability are not improved. Lawmakers stressed the importance of ensuring that funds are properly tracked and utilized to achieve meaningful improvements in the education sector.
The ad‑hoc committee has been mandated to submit its report within four weeks, after which the House will take further legislative action. This probe reflects a growing demand for transparency and accountability in the management of education funds in Nigeria.