Reps probe TETFUND over alleged abuse of N2.3 trn education tax fund

The House of Representatives on Tuesday set up an ad hoc committee to probe alleged abuse of N2.3 trillion education tax fund by the Tertiary Education Trust Fund (TETFUND) from 2011 to 2013. This followed a motion jointly sponsored by Reps Olusola Fatoba, David Fouh and Zakari Nyanpa. The lawmakers, in the motion, said since […]

The House of Representatives on Tuesday set up an ad hoc committee to probe alleged abuse of N2.3 trillion education tax fund by the Tertiary Education Trust Fund (TETFUND) from 2011 to 2013.

This followed a motion jointly sponsored by Reps Olusola Fatoba, David Fouh and Zakari Nyanpa.

The lawmakers, in the motion, said since the establishment of the Tertiary Education Trust Fund in 2011, the Fund has earned trillions of naira as generated revenue.

They, however, alleged that the Fund is “reputed for numerous financial abuses in its operations, award of contracts and execution of projects.”

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They also stated that the standard operating procedure within the Fund is “porous and does not create a platform for proper supervision of projects domiciled with tertiary institutions.”

The committee has four weeks to turn in its report.