Monday Reuben, Abuja
DAILY COURIER – The Tertiary Education Trust Fund has announced that it has collected N1.5tr in education tax revenue for the year 2024.
This was revealed by the Fund’s Executive Secretary, Arch. Sonny Echono, during a stakeholders’ engagement held on Monday in Abuja.
Echono attributed this record-breaking collection to a recent increase in the Education Tax rate from 2.5% to 3%, a measure approved by President Bola Ahmed Tinubu to bolster Nigeria’s educational system.
“This increase in the Education Tax reflects a significant commitment from the government to reinforce Nigeria’s educational framework,”
“The 2024 collection, reaching a remarkable N1.5 trillion, prepares us to enter the 2025 budget cycle with greater capacity to enhance the quality of education across the nation’s tertiary institutions,” he stated.
He expressed appreciation for the Federal Inland Revenue Service, commending their role as a steadfast partner in ensuring efficient, transparent tax collection.
He said, “The diligent work of the FIRS in securing these funds has been crucial to supporting the growth and development of our tertiary institutions, positioning them for global excellence.”
Revenue generated from the education tax, he added, is instrumental in improving infrastructure across Nigeria’s educational institutions.
