Recover Loans From Debtors …Senate Orders TEFFUND

Following the reports of Senate Committee on Tertiary Institutions and TETFUND on gross mismanagement of Education Tax Fund, the Senate has resolved to get involved in the confirmation of appointment of its executive secretary as well as the agency’s Board of Trustees.
The decision follows revelation of mismanagement of funds between 2011 and 2015, where the agency was involved in a borrowing spree to other government departments contrary to the Act establishing it.
“That the Senate do consider the report of Committee on Tertiary Institutions and TETFUND on gross mismanagement of Education Tax Fund,” Senator Jibrin Barau (Kano North) said.
According to the report, which Barau presented, out of N508billion tax fund which accrued to TETFUND, the sum of N45billion was borrowed to the Federal Ministry of Education.
He added that the newly appointed executive secretary of TETFUND revealed to the committee that PTDF also borrowed the sum of N10billion which was refunded recently.
“Mr President, distinguished colleagues, in the course of our investigation, the newly appointed executive secretary revealed that the sum of N10billion was borrowed to PTDF, but they have refunded it”, Jibrin said.
“The sum of N45billion was also borrowed to the Federal Ministry of Education by TETFUND under the former executive secretary”, he added.
On his part, Senator Solomon Adeola (APC Lagos West) while recalling his experiences as former chairman, House Committee on Public Accounts, corroborated that there was huge mismanagement of resources by TETFUND.
He suggested that the Senate must amend the Act setting up the agency in a manner that it would approve funds before expending it to avoid lapses in future.
After contributions by other senators, it was resolved that appointment of the agency’s executive and its Board of Trustees has to be confirmed by the Senate while urging the agency to recover funds it borrowed out.