‘Over ₦600b TETFund Unused Funds Trapped In CBN’
THECONSCIENCE NG reports that the immediate past President of the Academic Staff Union of Universities (ASUU), Professor Emmanuel Osodeke, has expressed concern over more than ₦600 billion in unutilised Tertiary Education Trust Fund (TETFund) allocations currently held in the Central Bank of Nigeria (CBN).
Speaking at the 2025 TETFund Board of Trustees National Town Hall Meeting held in Abuja, Osodeke called on the Federal Government to sanction heads of tertiary institutions who fail to utilize intervention funds disbursed to them.
He emphasized that such administrative negligence undermines TETFund’s core mandate of enhancing infrastructure for teaching, learning, and research across universities, polytechnics, and colleges of education nationwide.
“There is a huge sum of money in the Central Bank belonging to institutions that has not been utilised. The last time we checked, it was close to ₦600 billion,” Osodeke stated.
“None of the universities or Vice-Chancellors responsible for this delay has been held accountable. This is public money allocated over the years, with some institutions holding on to these funds for 10 to 15 years without implementation. Many projects remain abandoned. There must be mechanisms to ensure accountability among university administrators and governing councils,” he added.
In addition to concerns over underutilisation of funds, Osodeke also warned against the implications of the newly introduced Development Levy under Nigeria’s revised Tax Act, which is expected to take effect on January 1, 2026.
According to The Guardian, the new 4 percent Development Levy on assessable profits will consolidate and replace multiple existing levies, including the Tertiary Education Tax, NASENI Levy, IT Levy, and the Police Trust Fund Levy.
Osodeke warned that this restructuring would reduce TETFund’s revenue share from 3 percent to 2 percent, potentially hampering educational development efforts.
“Whether we like it or not, this new levy structure amounts to a reduction in TETFund’s allocation. A drop from 3 percent to 2 percent means fewer resources for the education sector. We must not accept that,” he cautioned.
