THE EDUCATION TAX FUND (AMENDMENT) ACT, 2003
Act · Education
Policy date: 2011-01-01
An Act amends the Education Tax Fund to strengthen its governance and allocation processes. It targets tertiary institutions, companies paying the education tax, and the Federal Ministry of Education. This improves distribution of funds to enhance tertiary education.
THE EDUCATION TAX FUND (AMENDMENT) ACT, 2003
What Is This Policy?
A 2003 amendment strengthening the Education Tax Fund governance, improving allocation, and updating oversight — provisions now incorporated into the Tertiary Education Trust Fund (TETFund) Act 2011.
Who Does It Target?
Tertiary education institutions TETFund as the successor administrator Companies paying the 2% education tax Federal Ministry of Education
What Does It Aim to Achieve?
Update and strengthen the Education Tax Fund governance to improve distribution of the 2% corporate levy to tertiary institutions.
Key Features
Governance Update: Updated ETF governing board composition and management structure. Allocation Improvement: Enhanced the allocation formula for universities, polytechnics, and colleges. Oversight: Improved oversight and accountability for fund utilisation. TETFund Precursor: Laid the groundwork for the comprehensive TETFund Act 2011.
Current Status
Rollout Stage: Provisions incorporated into TETFund Act 2011 Coverage: Tertiary education sector Beneficiaries: Tertiary institutions; students Funding: 2% corporate levy
How to Access
Current education levy: remit to FIRS with CIT returns Tertiary institutions: apply to TETFund for project funding Application method: Institutions apply at https://www.tetfund.gov.ng
Important Terms
TETFund Act 2011 is the current operative legislation 2003 amendments were incorporated into the 2011 Act The 2% levy continues at the same rate under TETFund
Official Resources
Website: https://www.tetfund.gov.ng Contact: Tertiary Education Trust Fund (TETFund)
Legal Framework
Enacted under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution (as amended) as an amendment to the Education Tax Fund Act 1993. Provisions were subsequently consolidated into the Tertiary Education Trust Fund (Establishment, Etc.) Act 2011. The education tax is collected under the Companies Income Tax Act (CITA) and administered by the Federal Inland Revenue Service (FIRS).