Kehinde Fajobi
The Academic Staff Union of Universities (ASUU) has urged the release of unspent funds designated for tertiary education, warning that stagnant resources threaten the progress of Nigeria’s universities.
The call came during a strategic meeting organised by the Tertiary Education Trust Fund (TETFund) in Abuja, where academic leaders discussed ways to enhance funding impact.
TETFund’s Executive Secretary, Sonny Echono, addressed the gathering, highlighting that the event marked a new chapter for aligning the agency’s focus with the needs of educational institutions.
“As heads of TETFund beneficiary institutions, you play a pivotal role in actualising the mandate of the Fund,” Echono said, encouraging collaborative engagement to set priorities for improved educational outcomes.
He noted that with the recent increase in the education tax from 2.5% to 3%, TETFund is positioned to make even greater contributions to infrastructure, academic programmes, and access to quality education.
ASUU President, Prof. Emmanuel Osodeke, raised concerns about proposed tax adjustments impacting TETFund, cautioning that they could undermine university funding.
“While tax cuts may benefit industries, they risk undercutting essential funding for higher education,” Osodeke warned.
He further criticised inefficiencies in fund utilisation: “We have found that a large amount of money remains stuck at the central bank, unused for many years. This accumulation has led to backlogs, with universities unable to access or utilise these resources.”
Osodeke also opposed a proposed NELFund initiative, which would allow universities to lend these unused funds as student loans, describing it as a departure from TETFund’s purpose.
TETFund’s Board Chairman, Hon. Aminu Bello Masari, echoed the need for effective policy in education, urging institutions to reduce reliance on government funds and explore independent revenue generation.
He also called for a non-partisan approach to education policy.