The Academic Staff Union of Universities (ASUU) has urged vice chancellors to access and utilise the significant backlog of unspent funds held in the Central Bank of Nigeria (CBN), initially allocated for tertiary education.
Professor Emmanuel Osodeke, ASUU president, stated this at the Tertiary Education Trust Fund (TETFund) strategic session with institutional leaders in Abuja on Monday.
He cautioned that leaving these resources idle could stall the sector’s growth and progress.
“We discovered a substantial amount of money sitting in central bank that has not been utilised by many universities over the last two decades,” he said.
Addressing the institution heads, Prof Osodeke said, “Many of you have unfinished projects, with funding set aside but untouched. Some of these projects were abandoned a decade ago, yet part of the funding remains available, suggesting a perception that we lack the capacity to effectively utilise these resources.”
TETFund’s Executive Secretary, Arch. Sonny Echono, said there was a significant rise in education tax collections for 2024, attributing this to an increase in the tax rate.
“The recent increase in the Education Tax from 2.5% to 3%, as authorised by President Bola Ahmed Tinubu, represents a substantial advancement for TETFund.
“This adjustment has resulted in a record collection of approximately N1.5 trillion to date, underscoring the government’s commitment to strengthening Nigeria’s educational infrastructure,” Echono said.
As TETFund enters the 2025 budget cycle, Echono emphasised the potential to expand its impact on tertiary institutions nationwide.
He commended the Federal Inland Revenue Service (FIRS) for its diligence in ensuring transparent and timely tax collection which, he noted, supports infrastructure improvements, enhances academic programmes, and broadens student access.
Dr Nasir Sani-Gwarzo, Permanent Secretary of TETFund, acknowledged the fund’s transformative contributions to universities, polytechnics, and colleges of education, which have boosted infrastructure, research and learning opportunities.
He emphasised the need for continuous innovation to maximise the impact of these investments amidst evolving challenges and rising expectations.
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