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ITF Surpasses Projected N48.873b Revenue In 2023

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PTF, says it has surpassed the N48.873b revenue projected for the 2023 fiscal year by raking in N51.344billion as at the third quarter of the year

This is as the training agency , projected N66.473billion as revenue generation in 2024 , N69. 744billion in 2025 and N73.2billion in 2026 .

The Director General of the Fund, Doctor Afiz Oluwatosin Ogun stated this in Abuja during an interface with the Senate committee on Finance, Appropriation, National Planning, Local and Foreign Debts.

The ITF boss who made the submissions through the Director of Finance and Accounts, Hajia Safiya Atta Mansoor said out of the generated revenue, N14billion had been remitted into the consolidated Revenue Fund just as 50% of the revenue was used for reimbursement of employers of labour.

According to her, ITF’s three sources of revenues are the training fund, cost fee and other income.

In beefing up revenue generation for the agency, the ITF Director General informed the committee members that National Artisans Registration and Development Programme would soon be put in place for registration of artisans across the country and facilitating their operations corporately .

He added that ITF is a big organisation with 16 Directors, two head offices , 41 Area Offices , 5 Skills and Training Centres , 14 Vocational Skills and Training Centres among others.

The joint committee looking into projections made by the executive for 2022 to 2026 Medium Term Expenditure Framework ( MTEF) and the Fiscal Strategy Paper ( FSP), however tasked the agency to direct its finance department to tidy up slight discrepancies observed in the reports submitted to it.

The observed discrepancies as stated by the Chairman of the Committee, Senator Sani Musa must be corrected this week before the committee submits its report to the Senate .

Edited By Grace Namiji

Written by: Bukky Alabi

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