10 Interesting Fact You Need To Know About TETFUND

10 Interesting Fact You Need To Know About TETFUND

About TETFund

The Tertiary Education Trust Fund (TETFund) was originally established as Education Trust Fund (ETF) by Act No 7 of 1993 as amended by Act No 40 of 1998 (now repealed and replaced with Tertiary Education Trust Fund Act 2011). It is an intervention agency set up to provide supplementary support to all levels of public tertiary institutions with the main objective of using funding alongside project management for the rehabilitation, restoration, and consolidation of Tertiary Education in Nigeria.

Although a new agency; the TETFUNDs presence has been felt in virtually most of the Universities.

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10 Interesting Fact You Need To Know About TETFUND

1, TETFund is an interventional measure of the Federal Government to tackle inadequate facilities in our tertiary institutions.

2. TETFund are usually made available only to public tertiary institutions in Nigeria

3. TETFund, therefore, does not put into consideration the management of private tertiary institutions within the country.

4.   TETFund supports public school funding.

5. TETFund supports Academic Staff training and development.

6. TETFund supports Projects facilitation

7. TETFund helps to boost the structure of University education in Nigeria

8. TETFUND scheme was formed as a product of the Education Tax Act of 1993.

9. Provides essential physical infrastructure for teaching and learning.

10. TETFUND gives equality among the six geo-political zones of the Federal in case of special intervention

Challenges Confronting TETFund In Nigeria

1. Government Policy

one of the policies of the government which can be said to have curtailed the scope of operation of the agency is in the area of limiting their role to that of intervening in only the nation’s public tertiary institutions and not the private. Government directives in some cases have the capacity to
expand or minimize the function of various agencies in the country.

2. Funding

Funding has remained a major challenge to almost all the sectors of the Nigerian economy. TETFund in Nigeria is highly capital intensive.

3. Level of Cooperation between TETFUND and Benefiting Institutions

This is simply the area of smooth cooperation between the agency and most of the benefiting institutions within the country. Some institutions assume that the agency usually adopts bias criteria in funding tertiary institutions in the country. Other institutions inflate facts and figures in order to acquire an undue advantage from the agency.

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4. Overloading of Responsibilities

The TETFund over time has been experiencing challenges in the area of a clear definition of responsibilities.

5. Neglect of institutions by their proprietors

6.   Boosting the confidence of stakeholders

7. Effective financial and project monitoring

8. Unnecessary political interference

9. Inexperienced desk officers

10.   Lack of capacity to utilize funds

11. Ability to enhance and boost teachers

12. Increase in revenue generation