The Tertiary Education Trust Fund (TETFund) has exceeded its N305 Billion 2022 Education Tax (EDT) collection target, collecting more than N309 Billion as of September, with a quarter remaining in the year.
Sonny Echono, Executive Secretary of the TETFund, disclosed this Thursday in Port Harcourt, Rivers state, where stakeholders discussed the TETFund/FIRS (Federal Inland Revenue Service) 2022 Joint Interactive Forum on the theme: Boosting Education Tax Collection for Growth and Advancement of Tertiary Education in Nigeria.
Represented by Irene Erivwo, Director Strategy Planning and Development, the TETFund boss told stakeholders that, “With the improved EDT collection for Year 2022, FIRS has given necessary impetus to our desire copiously expressed on the need to increase its drive on the EDT collection.
“As at September this year, the EDT collection was reported to have recorded over 309 Billion Naira, exceeding the 305Billion Naira target set by the FIRS for the Year. This explains my excitement and hope of improved revenue generation ultimately attaining a 500Billion Naira yearly EDT collection.
“This optimism can be situated in the consistent position of President
Muhammadu Buhari when he stated: ‘We do not have a debt sustainability problem, but a revenue challenge we are determined to tackle to ensure our debts remain sustainable… by enhancing tax and excise revenues through reforms and administration measures”
Echono added that, “The need to boost education tax, especially at this economically challenging period can never be overemphasized, in view of the pivotal role it plays in the nation’s educational system as deployed by the Fund and is one of the many vital reasons this Interactive Forum is highly essential in general operations of the Fund.”
The Executive Chairman, FIRS, Muhammad Nami, represented by Hamisu Mohammed, Coordinator for Rivers, Delta and Edo, said, “Recent public engagements in the media space have referred to fulfilment of social contract between government and the people, which is why showcasing achievements of the Fund is important, particularly as taxpayers can easily make a connection between taxes paid and its socio-economic impact which will also assist to improve voluntary compliance.
“Between January to September 2022, FIRS has collected N7.5Trillion, a significant improvement on the total collection of N6.4trillion for entire 2021. Non-oil taxes accounted for N4.3trillion while Petroleum Profits Tax accounted for N3.1trillion. It is clear that the reforms undertaken since 2020 have started yielding the desired results.”