The Academic Staff Union of Universities (ASUU) has called for the use of accumulated unspent funds earmarked for tertiary education, warning that leaving these resources stagnant could hinder the growth and development of Nigeria’s universities.
This demand was raised during a one-day strategic engagement organized by the Tertiary Education Trust Fund (TETFund) in Abuja, bringing together leaders of beneficiary institutions to discuss enhancing the impact of tertiary education funding.
At the event, TETFund’s Executive Secretary, Arch. Sonny Echono, stated that the meeting marked a new chapter for the agency in aligning its priorities with the needs of stakeholders to optimize performance. With the recent increase in education tax from 2.5% to 3%, Echono emphasized TETFund’s potential for greater contributions to infrastructure, academic programs, and access to quality education across Nigeria.
“As heads of TETFund beneficiary institutions, you play a pivotal role in actualizing the mandate of the Fund. It is crucial that we engage constructively to set a clear course for the Fund’s direction and operational priorities,” Echono noted.
ASUU President, Prof. Emmanuel Osodeke, raised concerns about proposed tax changes affecting TETFund, warning that they could significantly impact university funding. Osodeke underscored that proposed tax reductions, while favorable to industries, could undercut essential funding for higher education.
He also highlighted the inefficiency in utilizing available funds: “We have found that a large amount of money remains stuck at the central bank, unused for many years. This accumulation has led to backlogs, with universities unable to access or utilize these resources.”
Additionally, Osodeke criticized the proposed establishment of NELFund, which would allow universities to lend these unused funds as student loans, warning that it would be a departure from TETFund’s intended purpose.
Hon. Aminu Bello Masari, TETFund’s Board of Trustees Chairman, also spoke at the event, urging the removal of politics from education policy. He called on universities to explore independent means of generating revenue rather than relying solely on government allocations.
This meeting underscored the urgent need for efficient utilization of funds in Nigeria’s tertiary education sector and the role of effective policy in supporting the nation’s educational development.
