The Federal Government has said 30 percent of the annual revenue of the Tertiary Education Trust Fund, TETFund, will be committed to the Nigerian Education Loan Fund, NELFUND, for student loans.
The announcement was made at a briefing on the Economic Stabilisation Bill in Abuja by Mr Bayo Onanuga, the Special Adviser to the President on Information and Strategy.
TETFund was established in 2011, and the agency primarily manages the disbursement of education tax to public tertiary institutions in Nigeria.
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Its main revenue source is the three percent education tax paid from the assessable profit of companies registered in Nigeria.
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