Tertiary Education Trust Fund

An Act creates the Tertiary Education Trust Fund to provide extra funding for universities and colleges through a tax on company profits. It targets public tertiary institutions, academic staff, and students to improve education quality. This aims to support infrastructure and research development.

What Is This Policy?

An intervention agency set up to provide supplementary funding for the rehabilitation, restoration, and consolidation of tertiary education in Nigeria, financed through a 2.5% education tax on the assessable profits of registered companies.

Who Does It Target?

Federal and state universities Polytechnics and colleges of education Academic staff and researchers Students in public tertiary institutions

What Does It Aim to Achieve?

Improve the quality of tertiary education in Nigeria by providing stable funding for infrastructure, academic staff development, research, and the provision of teaching and learning materials.

Key Features

Infrastructure Development: Funding for construction and renovation of lecture halls, laboratories, libraries, and hostels Academic Staff Training: Scholarships and grants for lecturers to pursue advanced degrees and attend conferences Research Grants: Competitive funding for academic research across all disciplines Book and Publication Support: Provision of textbooks, journals, and ICT equipment to tertiary institutions Special Interventions: Targeted projects addressing specific needs such as ICT infrastructure and entrepreneurship centres

Current Status

Rollout Stage: Fully operational since 2011 Coverage: All public tertiary institutions in Nigeria Lead Agency: Tertiary Education Trust Fund (TETFund) Funding: 2.5% education tax on assessable profits of companies registered in Nigeria, collected by FIRS

How to Access

Tertiary institutions access TETFund allocations through an annual application and disbursement process. Institutions submit project proposals through their management TETFund reviews and approves proposals based on published criteria Funds are disbursed directly to approved beneficiary institutions Applications are managed through TETFund's allocation and disbursement framework.

Official Resources

Website: tetfund.gov.ng Contact: TETFund Head Office, Abuja

Legal Framework

Established under the Tertiary Education Trust Fund (Establishment, Etc.) Act No. 16 of 2011, which repealed and replaced the Education Tax Fund Act 1993. The 2.5% education tax is collected pursuant to the Companies Income Tax Act (CITA) and administered by the Federal Inland Revenue Service (FIRS). Operates alongside the National Universities Commission Act, the National Board for Technical Education Act, and the National Commission for Colleges of Education Act.