President Bola Tinubu has appointed Aminu Masari, former governor of Katsina, to a newly constituted board of the Tertiary Education Trust Fund (TETFund).
Ajuri Ngelale, special adviser to the president on media and publicity, said Masari will chair a seven-member TETFund board.
Among the board members are Sani Danladi, a former senator representing the Taraba North senatorial district, Sunday Adepoju, former postmaster general of the Nigeria Postal Service (NIPOST), and Turaki Ibrahim, a former Jigawa state governor.
Other members of the board are Nurudeen Adeyemi, Esther Onyinyechukwu Ukachukwu, and Aboh Eduyok.
TETFUND was established in 2011 to monitor the disbursement of education tax to government-owned tertiary institutions in Nigeria.
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It provides supplementary support to public tertiary institutions as infrastructure, staff training, and research funding among others.
The fund’s main revenue source is the three percent education tax paid from the assessable profit of companies registered in Nigeria.
The Federal Inland Revenue Services (FIRS) collects the tax on behalf of the fund.
TETFund is managed by a board of trustees with members drawn from the six geopolitical zones of the country.
The board members also represent the education ministry, the finance ministry, and the FIRS.
The BoT typically monitors the collection and transfer of education tax by the FIRS to TETFund.
It ensures the disbursement of funds to public tertiary institutions in Nigeria and monitors the execution of TETFund projects.
The BoT also invests TETFund’s resources in appropriate securities and then reports to the federal government annually.
