TMSG: Tinubu’s Reforms Driving Record N1.6trn TETFund Collection
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TMSG: Tinubu’s Reforms Driving Record N1.6trn TETFund Collection
By Alabidun Shuaib AbdulRahman
The Tinubu Media Support Group (TMSG) has described the record-breaking N1.6 trillion received by the Tertiary Education Trust Fund (TETFund) in 2024 as a major proof of Nigeria’s economic resurgence, crediting the feat to the financial re-engineering skill of President Bola Tinubu’s administration.
According to TMSG, the figure—sourced from the 3 per cent education tax on company profits—surpassed the combined N1.024 trillion realised between 2019 and 2023, signalling renewed productivity in the private sector under the current administration.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group noted that it was instructive that the highest allocation in the agency’s history came during Tinubu’s presidency.
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“If there are still doubts about a major rise in productivity in the first 26 months of President Tinubu’s administration, the quantum leap in funds available to TETFund from the 3 per cent education levy on company profits should be enough to clear the air without rhetoric,” TMSG said.
The group added that the sharp rise in collections reflected both improved tax administration and the benefits of the administration’s economic reforms, which have boosted company performance and profitability.
Citing figures released by the Chairman of TETFund’s Governing Board and former Governor of Katsina State, Aminu Bello Masari, TMSG noted that the N1.6 trillion collected in 2024 was more than double the previous single-year high of N571.01 billion recorded in 2023.
A breakdown of receipts showed that the intervention agency collected N644.19 billion between 2019 and 2021, N322.99 billion in 2022, before the surge to N571.01 billion in 2023.
Beyond the record collection, TMSG highlighted key disbursements already approved to strengthen Nigeria’s tertiary education sector. These include:
N460 billion earmarked for direct interventions across universities, polytechnics and colleges of education nationwide.
N225 billion channelled into the Nigerian Education Loan Fund (NELFUND) to support the new student loan scheme.
N110 billion allocated for upgrading facilities in 18 medical schools across the six geopolitical zones.
N70 billion set aside for solar and gas-powered generation projects to reduce reliance on grid electricity.
N25 billion reserved for campus security infrastructure, including street lighting.
The group also noted that these interventions were in addition to the statutory 2025 allocations, which provided N2.8 billion to each university, N1.9 billion to each polytechnic, and N2.1 billion to each college of education.
“From all indications, it is safe to assert that the Tinubu administration has not held back in ensuring adequate funding for public-owned tertiary institutions. The onus is now on school authorities to ensure judicious use of funds,” the statement added.
TMSG further urged the TETFund board to enforce strict monitoring and evaluation of projects to guarantee that Nigerians feel the impact of the record collection.
