By Elizabeth Ogunleye
The Acting Executive Secretary of the Tertiary Education Trust Fund (TETFund), Arch. Sunday Sylva Togo Echono, OON, has reaffirmed the Fund’s commitment to improving Nigeria’s tertiary education system during his lecture titled “TETFund and Educational Development in Nigeria: The History, The Treasures, and The Future,” at the 34th convocation ceremony of Olabisi Onabanjo University (OOU).
Describing TETFund as a lifeline for Nigeria’s public tertiary institutions, Echono explained that the agency was established under the TETFund Act of 2011 and is funded by a 3% education tax levied on registered companies. “These funds are allocated annually in a 2:1:1 ratio to universities, polytechnics, and colleges of education,” he said.
Echono highlights the importance of tertiary education in national development, noting that “countries with higher tertiary education enrollment tend to experience lower unemployment rates and stronger economic growth.” Citing reports from the World Bank and Organization for Economic Co-operation and Development (OECD), he pointed out that a 1% increase in tertiary education attainment correlates with a 0.5% rise in GDP per capita.
However, he acknowledged challenges such as funding gaps and limited access, stressing that “we must address these disparities to ensure equitable educational opportunities for all.”
Since its inception, TETFund has disbursed over ₦1.8 trillion and executed more than 152,838 infrastructural projects, including lecture halls, ICT centers, hostels, and road networks. Additionally, “the fund has provided scholarships for over 42,000 scholars across institutions in Nigeria both locally and overseas, while more than 150,000 academic and non-academic staff have received support for conferences and workshops.” Through initiatives like the National Research Fund and Institution-Based Research grants, TETFund has been able to provide grants to scholars and lecturers.
Looking ahead, Echono outlined TETFund’s plans, saying they are working towards increasing research grants and supporting the development of smart campuses to align with global educational trends. He stated "This year, 2025, TETFund plans to establish 72 hostels in 72 institutions in the country."
The agency is also focused on ensuring a stable power supply in universities across the nation. He also emphasized the need to strengthen partnerships with private sector players and international organizations to boost investment in higher education, stating that their goal is to ensure that Nigerian institutions are globally competitive and capable of producing graduates equipped for the challenges of the modern economy.
Echono further reaffirmed TETFund’s commitment to sustaining these interventions and urged stakeholders to support policies that enhance the quality and accessibility of tertiary education in Nigeria.
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