HOR To Amend TETFUND Act For Public Funds Mgt

The House of Representatives is seeking to amend the Tertiary Education Trust Fund, TETFUND Act to strengthen oversight and ensure accountability in the management of public funds.

Dr Abbass stated this at the public hearing in Abuja on the proposed amendments of the TETFUND Act 2011 organized by the House Committee on TETFUND, and other services.

Representated by the Majority of the house, Julius Ihonvbere, the speaker
emphasized the importance of transparency and accountability in the management of public funds, noting that the house is committed to ensuring that the fund is utilized effectively.

Dr Abbas said It has been established through available data that the fund has substantially fulfilled its given mandate, however, there still exist some limitations in the existing legal framework that hinder the fund from meeting the challenges posed by current realities and its obligations.”

“The proposed amendments, aim to address limitations in the existing legal framework that have hindered the fund’s effectiveness.” He said Chairman of the House Committee on TETFUND, Mariam Onuoha emphasized the need for transparency and accountability in the management of public funds, particularly in the deployment of funds to tertiary institutions.

“The intention of the bill is to correct rising issues of poor implementation of projects, which left doubts on how much funds have been deployed and how much had been done in tertiary institutions,” Onuoha said.

The Executive Secretary of TETFUND, Mr. Sonny Echono, highlighted efforts to ensure proper management of the fund, but also noted that the indiscriminate establishment of tertiary institutions without proper funding plans has posed a challenge.

The President of the Academic Staff Union of Universities, ASUU, Prof. Emmanuel Osodeke called for greater oversight and accountability in the management of the fund and urged lawmakers to protect TETFUND in the ongoing tax reforms.

Oduyemi Odumade, Edited By Grace Namiji