Abuja, Nigeria — The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have reinforced their commitment to improving tax compliance, transparency, and data accessibility to enhance funding for Nigeria’s education sector.
During a courtesy visit by TETFund’s management to NEITI House in Abuja, Executive Secretaries Dr. Orji Ogbonnaya Orji (NEITI) and Arc. Sonny Echono (TETFund) reaffirmed their collaboration on revenue disclosures, workforce training, and public finance management.
Dr. Orji emphasized NEITI’s role in tracking Education Tax remittances from the oil, gas, and mining industries, citing concerns over compliance and the need for prudent fund utilization. He assured continued monitoring of tax payments to ensure accurate remittances under the Companies Income Tax Act (CITA).
To enhance accountability, NEITI pledged support in identifying compliance gaps within the extractive sector and leveraging financial auditing expertise. The partnership will also strengthen data sharing, research, and capacity-building initiatives to ensure efficient management of education funds.
Arc. Echono highlighted TETFund’s reliance on NEITI’s data to optimize revenue generation and infrastructure development in tertiary institutions. He sought NEITI’s assistance in training stakeholders on public finance management and promoting transparency in tax reporting.
Both organizations agreed to launch joint training programs for policymakers, tertiary institutions, and stakeholders to promote accountability and best practices. They also plan to engage academia in analyzing extractive revenue flows and their impact on poverty reduction and sustainability.
A key aspect of their collaboration includes completing the NEITI Data Centre, which will serve as a central repository for extractive industry reports, enabling data-driven decision-making for national development.
The meeting concluded with a shared commitment to ensuring efficient tax remittance, transparent fund management, and sustainable financing for Nigeria’s tertiary education system.
By Taiwo Olatinwo | February 13,2025.
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