The Tinubu Media Support Group (TMSG) has said that the landmark ₦1.6 trillion received by the Tertiary Education Trust Fund (TETFund) for 2024 is a clear testimony of the economic resurgence being recorded under President Bola Ahmed Tinubu.
TMSG noted that the figure, generated from the 3% education tax on company profits, is unprecedented in the history of the agency, surpassing the combined ₦1.024 trillion received over a five-year period between 2019 and 2023.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group stressed that the record collection reflects the success of the Tinubu administration’s financial re-engineering policies and tax reforms.
“If there are still doubts about a major rise in productivity in the first twenty-six months of President Bola Tinubu’s administration, the quantum leap in TETFund’s revenue should be enough to clear the air,” TMSG declared. “It is a major indicator that Nigerian companies are already reaping the benefits of the economic reforms and improved tax collection systems put in place.”
The group recalled that the Chairman of TETFund’s Governing Board and former Katsina State Governor, Aminu Bello Masari, recently confirmed that the agency collected ₦1.6 trillion in 2024, the highest in a single year since its establishment. The figure, it added, is almost triple the previous record of ₦571.01 billion in 2023.
TMSG also pointed out that aside from the statutory annual intervention for public tertiary institutions ₦2.8 billion for universities, ₦1.9 billion for polytechnics, and ₦2.1 billion for colleges of education the record funds are already being channelled into transformative projects. These include ₦460 billion for direct interventions across institutions nationwide, ₦225 billion for the Nigerian Education Loan Fund, ₦110 billion for upgrading 18 medical schools, ₦70 billion for renewable energy projects, and ₦25 billion for campus security.
“With such strategic allocations, President Tinubu has clearly demonstrated his commitment to revitalising public tertiary institutions and ensuring that Nigerian students benefit directly from the nation’s economic rebound,” the statement added.
TMSG further urged the TETFund board to strengthen monitoring and evaluation of funded projects to ensure transparency and value for money across all beneficiary institutions.
