TETFund: Senate Seeks Increase In Companies Tax Remittance To 3% To Boost Research

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BOGORO

Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund, TETFund has advocated for an increase in tertiary institutions tax from 2.5 percent to three percent to improve research and development in the country.

The Committee made this submission during its oversight visit to TETFund to ascertain the level of the 2021/ 2022 performance of budget, on Wednesday.

Explaining the reason for the oversight visit, the Committee said, ” Upon the enactment of 2022 Appropriation Act, the Senate of the Federal Republic of Nigeria resolved that Committees should embark on oversight visit on MDAs under their jurisdiction. Consequent upon the above, the Committee commenced this oversight with the main Ministry and today TETFund.”

The fund 2.5 percent education tax paid from accessible profit of companies registered in Nigeria has obviously had a massive and sustained impact on improving tertiary education in Nigeria through several interventions, said the Senate Committee.

Describing the Executive Secretary of TETFund, Sonny Echono as a performer extraordinary, the delegation led by their Chairman, Hon Ahmed  Baba Kaita expressed hope that, the  ES would replicate the same vision and mission of transforming the education sector he had while he was serving as the Permanent Secretary of the ministry in TETFund.

The Committee maintained that Education and Health sectors are two critical sectors that drive development hence the need for an upward review from 2.5percent education tax to three percent.

To this end, the delegation hoped that in the next Assembly the tax would be increased to three percent.

Also, while expressing his satisfaction over the reforms and excellent performance of  TETFund for the year under review, the Chairman of the Committee used the opportunity to appeal to the Fund to incorporate the Mathematical Centre in its interventions, saying that no country can thrive in the area of, research, science, technology, and innovation without embracing mathematics.

Kaita also urged TETFund to expedite efforts on providing an Oxygen generator requested by Kaduna State Polytechnic during COVID- 19 in 2020.

In his remarks, Echono appreciated the Committee for its usual support, saying that the harmony between the  National Assembly and Education Sector was highly responsible for achievements recorded in the sector for the past seven years.

He expressed gratitude to the National Assembly for considering the passing of the Finance Act last year which resulted in to increase in education tax percentage to 2.5, adding that it was done on consultation and shared acceptance of the need to increase funding and investment in education.

The Executive Secretary explained that TETFund engages in establishing, revitalizing and support of benefiting tertiary institutions which are classified as Universities, Polytechnics, and Colleges of Education in the area of infrastructure, training and development of academic staff, and promoting research and innovation.

He said in 2021, TETFund disbursed N213bn to tertiary institutions. This, according to him, included the take-off grants for the establishment of new institutions.

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