February 22, 2024
FG Owing TETFUND N323b, N2.3trn Not Missing, Echono Clarifies
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FG Owing TETFUND N323b, N2.3trn Not Missing, Echono Clarifies

The Executive Secretary of the Tertiary Education Trust Fund (TETFUND), Mr Sonny Echono, says the Federal Government owes the Fund N323 billion.

According to Mr Echono, the government has borrowed N371.3 billion  since 2013 and has, so far, only paid N48 billion of the total amount.

The Executive Secretary who appeared before a House of Representatives ad hoc committee yesterday, also clarified allegations of a missing N2.3 trillion in TETFUND.

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Last Tuesday the lower chamber set up the Committee, headed by Honourable Oluwole Oke, to investigate the alleged abuse of N2.3 trillion generated from the Tertiary Education Tax from 2011 to 2023.

Mr Echono described the allegation as untrue, but says the actual tax generated from 2011 to 2022 was N2.47 trillion, of which the Federal Inland Revenue Service (FIRS) retained N99 billion as cost of collection.

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