The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund-TETFund have entered into partnership to enhance accessibility to credible data, tax compliance and revenue disclosures.
Both the executive secretaries of NEITI and TETFund, Ogbonnaya Orji and Sonny Echeono, made the commitment when the Management of TETFund paid a courtesy visit to the NEITI in Abuja.
They also committed to manpower training and development, public finance management and educational financing for their staff and other critical stakeholders on transparency and natural resource governance.
The executive secretary of NEITI, Ogbonnaya Orji, while receiving the TETFund team emphasised the need for stronger collaboration between the two to ensure that funds meant for development of tertiary education in Nigeria and overall national development from the extractive sector were efficiently and transparently managed.
Orji stated, “Over the years, NEITI has closely monitored revenues accruing from the oil, gas, and mining sectors, particularly the Education Tax, which forms a major component of TETFund’s financial inflows.”
He pointed out that “NEITI has noted with significant concerns the remittances of the funds by liable operating entities, as well as the prudent and accountable management of the revenues to achieve intended purpose.
