FG Orders Varsities, Others To Publish Annual Financial Reports
THECONSCIENCE NG reports that a major push to strengthen transparency and accountability in Nigeria’s tertiary education system, the Federal Government has directed all public universities, polytechnics, and colleges of education to publish their financial statements and academic performance reports annually, beginning in the first quarter of each year.
The government warned that institutions that fail to comply with the new directive risk losing access to Tertiary Education Trust Fund (TETFund) interventions.Minister of Education, Dr. Tunji Alausa, announced this on Tuesday in Abuja during the official launch of the Federal Tertiary Institution Governance and Transparency Platform (FTIGTP), a landmark initiative designed to promote transparency, accountability, and data-driven governance across the nation’s tertiary education sector.According to the minister, financial reporting through the new platform will form part of institutional performance assessments by both local and international partners.
He emphasised that future funding and interventions will increasingly be tied to transparency and accountability metrics.Alausa further disclosed that institutions must now obtain clearance from the Director of Information and Communication Technology (ICT) before accessing any TETFund ICT-related intervention.“For many years, data on tertiary education in Nigeria has been scattered across multiple platforms and inconsistent reports,” Alausa said.
“The FTIGTP serves as a single, nationwide source of accurate data and financial information about our tertiary institutions.”He explained that the platform provides, for the first time, a unified national database offering real-time visibility into key institutional indicators such as student enrolment, government funding (capital, recurrent, and personnel), TETFund allocations, NELFund interventions, and research grants from local and international sources.The minister said the initiative aligns with President Bola Tinubu’s commitment to promoting good governance, efficiency, and accountability in public institutions.
He added that the platform is expected to enhance financial transparency, improve resource allocation, and discourage misuse of public funds, while also strengthening public confidence in the tertiary education system.“FTIGTP is not just a platform; it is a reform instrument to promote transparency, efficiency, and results-based management of resources across the education sector,” Alausa emphasized.
He urged vice-chancellors, rectors, provosts, and other institutional leaders to ensure prompt data submission and full compliance, stressing that their cooperation would determine the platform’s overall success.
Concluding his remarks, Alausa described the launch as “a historic milestone in repositioning Nigeria’s tertiary education system for global competitiveness.”In his goodwill message, Professor Tanko Ishaya, Chairman of the Committee of Vice-Chancellors of Nigerian Universities (CVCNU), commended the Federal Government for what he called a bold and timely reform.
He noted that the platform aligns with global best practices in university governance and will help foster transparency, accountability, and data integrity across the tertiary education sector.
