The Academic Staff Union of Universities (ASUU) has urged the government to utilize the accumulated unspent funds designated for higher education.
ASUU cautioned that the ongoing stagnation of these financial resources could impede the advancement and development of the nation’s universities.
This statement coincided with a one-day strategic meeting held in Abuja, where the Tertiary Education Trust Fund (TETFund) engaged with stakeholders, including heads of beneficiary institutions.
During the meeting, TETFund's Executive Secretary, Mr. Sonny Echono, emphasized that this strategic interaction represents a new phase for the organization, aimed at aligning efforts with stakeholders to enhance performance and improve the quality of tertiary education in Nigeria.
He noted that with the recent increase in the education tax from 2.5 percent to 3 percent, TETFund is positioned to make a more significant impact by enhancing infrastructure, academic programs, and accessibility for all students.
“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.
“TETFund’s purpose is to empower our nation’s human capital, addressing the urgent need for capable, skilled professionals across all sectors. Established in response to the deficits in our tertiary education sector, TETFund began as the Education Tax Fund in 1993, transitioning in 2011 to its current form with a commitment to enhancing the quality of Nigeria’s public tertiary institutions through Education Tax contributions.
“The increase last year in the Education Tax from 2.5 percent to 3 percent authorised by President Bola Tinubu represents a significant stride for TETFund. This change reinforces the government’s dedication to strengthening Nigeria’s educational framework.
“We urge all stakeholders to actively engage in building these partnerships. Let us explore innovative ways to connect our institutions with industry leaders, fostering a symbiotic relationship that benefits both our students and the economy,” he added.
The President of the Academic Staff Union of Universities (ASUU), Professor Emmanuel Osodeke, emphasized the importance of university leaders taking proactive measures to secure their future rather than relying on external entities for negotiations.
He cautioned that the proposed amendments to the Tertiary Education Trust Fund (TETFund) could have significant adverse effects on the funding of Nigerian universities. Professor Osodeke underscored the necessity of preventing the passage of these bills to safeguard the integrity of the education system.