News
TETFUND Commends FIRS Over Increase In Education Tax
The Tertiary Education Trust Fund(TETFUND) has commended the management of Federal Inland Revenue Services(FIRS) for its increase in education tax collection.
The Executive Secretary, TETFUND, Sonny Echono, made the commendation at the TETFUND/FIRS Annual Interactive Forum held in Port Harcourt, last Thursday.
Represented by the Director, Strategic Planning and Development, Erivwo Irene, Echono said that the 2022 interactive forum with the them, ‘Boosting Education Tax Collection for the Growth and Advancement of Tertiary Education in Nigeria is a noble cause between the agencies that have fostered the cause of tertiary education.
Echono said “TETFUND duly recognises the immense contribution of your mandate as the foremost and critical Revenue Service of the Federal Government from which we as a funding agency of the same government derive our intervention and operational funds”.
Echono who pledged to be committed to the mandate of the agency assured transparency and accountability to the government, citizens and stakeholders with FIRS as top on the scale of stakeholders.
“We will therefore continue to encourage this annual interactive forum with the FIRS which has been a veritable platform to discuss issues that are pertinent to the Education Tax (EDT) collection and also showcase the activities and impact of the EDT collection in the tertiary education landscape of the nation.
“Indeed,the need to boost “Education Tax (EDT) collection”, especially at this economically challenging period can never be overemphasized.
“This is in view of the pivotal role it plays in the nation’s educational system as deployed by the Fund and is one of the many vital reasons this Interactive Forum is highly
essential in the general operations of the fund,”Echono said.
He noted that tax collections have direct correlation to earnings and subsequently, the growth of any functional economic system adding that the growth of education tax which forms the bedrock of TETFund’s vision and mission in the nation’s education was one that was consistently on the front burner.
“This explains my earlier excitement and hope of an
improved revenue generation ultimately attaining a 500 billion naira yearly EDT collection.
“This optimism can be situated in the consistent position of President Muhammadu Buhari when he stated that, “we do not have a debt sustainability problem, but a revenue challenge which we are determined to tackle to ensure
our debts remain sustainable,”he said.
In his remark,the Executive Chairman, FIRS, Muhammad Nami, commended the efforts of the Board of Trustees and Management of TETFund for being steadfast in the organisation of the annual forum.
Represented by the FIRS Coordinator for Rivers, Delta and Edo, Hamisu Mohammed, Nami stated that FIRS had continued to make progress in revenue mobilization despite the economic headwinds from the negative consequences of covid 19, rising insecurity and effects of the Russia-Ukraine war on the global economy.
According to him, between January and September 2022, FIRS has collected N7.5trillion which is a significant improvement on the total collection of N6.4trillion for the entire 2021.
“Non-oil taxes accounted for N4.3trillion while Petroleum Profits Tax accounted for N3.1trillion, It is clear that the reforms undertaken since 2020 have started yield
The ECOWAS Parliament has adopted a budget of 19,636,030 Units of Account (UA) (26 million dollars) for the 2026 fiscal year, and announced plans to commemorate its 25th anniversary in November.
The Speaker of the Parliament, Hadjia Memounatou Ibrahima, who announced this, said the development followed the recent conclusion of its 2025 Second Extraordinary Session in Port Harcourt, Nigeria.
She said the budget was adopted by the Parliament during plenary, stressing that, beyond being a mere accounting act, it was the engine of parliament’s commitment to West Africans.
”It will enable us to carry out our priority missions, including implementing the conclusions of the seminar on AI, while ensuring virtuous and transparent management of public funds entrusted to us.
”This budget represents a five per cent increase compared to the 2025 fiscal year budget, reflecting an upward adjustment of UA 939,233 from last year’s UA 18,996,897.
”Out of the budget of UA 19,636,030 for 2026, the sum of UA19, 368,394 representing 98.64 per cent is expected to be financed through the proceeds from the Community Levy, while UA257,636, equivalent to 1.36 per cent, will accrue from other sources,” Ibrahima said.
The News Agency of Nigeria (NAN) reports that the ECOWAS Community Levy is a mandatory 0.5 per cent tax imposed on goods imported into ECOWAS member states from non-ECOWAS countries.
Member states are under statutory obligation to pay the community levy, which is the main source of funding for ECOWAS institutions and their activities.
Ibrahima, however, expressed dismay that some members of the community were still defaulting on the payment of the levy, and warned that, going forward; such would be met with sanctions.
She also said that the commemoration of its 25th anniversary in November would highlight the ECOWAS Parliament’s achievements in deepening regional democracy, cooperation and growth, amid formidable challenges.
The Speaker described the forthcoming anniversary as “a chance to showcase resilience and chart a more innovative, youth-focused future for the community”.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
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