ASUU (The Academic Staff Union of Universities) has sounded the alarm over the potential devastating impact of the Federal Government’s tax reform bills on the Tertiary Education Trust Fund (TETFund) and public university education in Nigeria.
According to Prof. Timothy Namo, Bauchi Zonal Coordinator of ASUU, the proposed bills would undermine TETFund’s operations by redirecting funds to the Nigerian Education Loan Fund (NELFund).
This move would deprive TETFund of essential resources, crippling its ability to support critical projects in public tertiary institutions.
The Implications of the Tax Reform Bills According to ASUU;
– Replace the Development Levy, a primary source of funding for TETFund projects
– Redirect education tax funds to NELFund, leaving TETFund without vital resources
– By 2030, NELFund would have sole access to funds generated from the Development Levy
Namo emphasized that TETFund has played a crucial role in supporting infrastructural development, postgraduate training, research, and capacity building in public tertiary institutions since 1993.
ASUU has vowed to resist any moves that would harm TETFund’s operations.
The union has engaged the Federal Government on the potential dangers of the bills and urged the National Assembly to set aside the proposals in the interest of Nigerians.
ASUU’s concerns highlight the need for careful consideration and consultation to ensure that any reforms prioritize the well-being of Nigeria’s tertiary education system.
