{"id":97791,"date":"2022-08-07T07:50:00","date_gmt":"2022-08-07T06:50:00","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=97791"},"modified":"2022-08-07T07:50:00","modified_gmt":"2022-08-07T06:50:00","slug":"tetfund-records-over-n60bn-revenue-decline","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/","title":{"rendered":"TETFund Records Over N60bn Revenue Decline"},"content":{"rendered":"
\n
The Tertiary Education Trust Fund (TETFund) says it has recorded over N60 billion decline in revenue available for its operations.<\/div>\n
\n
\nThe executive secretary, Arch. Sonny Echono, disclosed this in Abuja when members of the House of Representatives Committee on Tertiary Education and Services led by Hon. Aminu Suleiman paid an oversight visit to the agency.<\/p>\n

Echono, while speaking on the operations of the fund and the state of finances, especially from 2017 to date, said last year\u2019s collection which was what the fund used to operate this year, dropped to N189 billion.<\/p>\n

\u201cWe witness a steady rise in collections under the education tax but unfortunately, last year, there was a sharp drop and that left us in a very dare position.<\/p>\n

” For example, as I said, from N154 billion in 2017, the tax collection rose steadily to N257 billion over the years. So by 2020, we\u2019ve got N257 billion, but unfortunately, last year\u2019s collection, which is what we use to operate this year, dropped sharply to N189 billion.<\/p>\n

\u201cSo, over N60 billion drop in revenue or resources available to TETfund and the way we operate, 2021 collections are used for 2022 operations,\u201d he said.<\/p>\n

He noted that given the president\u2019s commitment on increased funding for education, and with the usual support of the National Assembly, the tax rate last year was increased from 2 to 2.5%.<\/p>\n

But the target is that before the end of this administration, it will increase to three per cent, which is a commitment that the president had already given.<\/p>\n

Echono further commended the level of support and cooperation the fund has enjoyed from the committee and the National Assembly, while seeking its support in effecting the amendment of the fund.<\/p>\n

\u201cThis is a major area that will be seeking the support of the National Assembly in terms of legislation. The other aspect is the fact that in contravention of this oversight, we also want to open our activities more to independent assessment and evaluation on our behalf.<\/p>\n

\u201cSo we have designed a monitoring and evaluation that will be involving key stakeholders, like the National Assembly, even the staff unions in our tertiary institutions, to join us to independently look at some of the things that we\u2019re doing,\u201d he added.<\/p>\n

Responding, Suleiman assured the fund of its continued support and cooperation to ensure that the system continue to work stronger.
\n\u201cWe congratulate you and we assure you of our support, without prejudice to the fact that sometimes we can agree to disagree.<\/p>\n

\u201cAnd I\u2019m sure you are familiar we have had quite several even when you are the Permanent Secretary to disagree entirely with the ministry, but not predicated on any personal motive but to share with you where I\u2019m at with them differently from the way things are being done, and in most cases, we actually arrive at the surface.<\/p>\n

\u201cI have no doubt that our relationship will continue here. The essence is for us like I said to better the system.\u201d<\/p>\n

He said the visit was a legislative requirement on any legislature through various committees that a minimum of an oversight must be conducted and the periodic report submitted to the House through the culinary bureaus to discuss matters, particularly challenges that agencies and monitors of those agencies are facing.<\/p>\n

He also directed TETFund to mandate state institutions benefiting from its interventions to submit reports of their operations within three weeks.<\/p>\n

Suleiman said, \u201cFor about four or five months we have written to the fund asking them to invite the attention of state institutions who are benefiting from Tetfund operations to send to the committee their statement of operations as they relates to what they have been getting from TETFund.<\/p>\n

\u201cWe do not know whether it is TETfund that has not communicated to the institutions or they have not followed up on all or the institutions felt that they are not responsible to us. If they don\u2019t they should stop funding them because they cannot collect public fund and refuse to account for it, impossible, they have to account.<\/p>\n

<\/div>\n<\/div>\n<\/div>\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Tertiary Education Trust Fund (TETFund) says it has recorded over N60 billion decline in revenue available for its operations. The executive secretary, Arch. Sonny Echono, disclosed this in Abuja…<\/p>\n","protected":false},"author":1,"featured_media":40600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-97791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nTETFund Records Over N60bn Revenue Decline - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TETFund Records Over N60bn Revenue Decline - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Tertiary Education Trust Fund (TETFund) says it has recorded over N60 billion decline in revenue available for its operations. The executive secretary, Arch. Sonny Echono, disclosed this in Abuja…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/\" \/>\n<meta property=\"og:site_name\" content=\"Pointblank News\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-07T06:50:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Our Reporter\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Our Reporter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/\"},\"author\":{\"name\":\"Our Reporter\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"headline\":\"TETFund Records Over N60bn Revenue Decline\",\"datePublished\":\"2022-08-07T06:50:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/\"},\"wordCount\":683,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/\",\"name\":\"TETFund Records Over N60bn Revenue Decline - Pointblank News\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg\",\"datePublished\":\"2022-08-07T06:50:00+00:00\",\"author\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"breadcrumb\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#primaryimage\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg\",\"contentUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg\",\"width\":750,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/pointblanknews.com\/pbn\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"TETFund Records Over N60bn Revenue Decline\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/\",\"name\":\"Pointblank News\",\"description\":\"Just the news\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\",\"name\":\"Our Reporter\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"caption\":\"Our Reporter\"},\"url\":\"https:\/\/pointblanknews.com\/pbn\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"TETFund Records Over N60bn Revenue Decline - Pointblank News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/","og_locale":"en_US","og_type":"article","og_title":"TETFund Records Over N60bn Revenue Decline - Pointblank News","og_description":"The Tertiary Education Trust Fund (TETFund) says it has recorded over N60 billion decline in revenue available for its operations. The executive secretary, Arch. Sonny Echono, disclosed this in Abuja…","og_url":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/","og_site_name":"Pointblank News","article_published_time":"2022-08-07T06:50:00+00:00","og_image":[{"width":750,"height":400,"url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg","type":"image\/jpeg"}],"author":"Our Reporter","twitter_misc":{"Written by":"Our Reporter","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#article","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/"},"author":{"name":"Our Reporter","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"headline":"TETFund Records Over N60bn Revenue Decline","datePublished":"2022-08-07T06:50:00+00:00","mainEntityOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/"},"wordCount":683,"commentCount":0,"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg","articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/","url":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/","name":"TETFund Records Over N60bn Revenue Decline - Pointblank News","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/#website"},"primaryImageOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#primaryimage"},"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg","datePublished":"2022-08-07T06:50:00+00:00","author":{"@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"breadcrumb":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#primaryimage","url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg","contentUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2015\/07\/tetfund.jpg","width":750,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/pointblanknews.com\/pbn\/news\/tetfund-records-over-n60bn-revenue-decline\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/pointblanknews.com\/pbn\/"},{"@type":"ListItem","position":2,"name":"TETFund Records Over N60bn Revenue Decline"}]},{"@type":"WebSite","@id":"https:\/\/pointblanknews.com\/pbn\/#website","url":"https:\/\/pointblanknews.com\/pbn\/","name":"Pointblank News","description":"Just the news","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c","name":"Our Reporter","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","caption":"Our Reporter"},"url":"https:\/\/pointblanknews.com\/pbn\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/97791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/comments?post=97791"}],"version-history":[{"count":0,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/97791\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media\/40600"}],"wp:attachment":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media?parent=97791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/categories?post=97791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/tags?post=97791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}