COVER
TETFund Records Over N60bn Revenue Decline-Echono
By Evelyn Terseer, Abuja
The Tertiary Education Trust Fund (TETFund) said it has recorded over N60 billion decline in revenue available for its operations.
TETFund executive secretary, Sonny Echono disclosed yesterday in Abuja when members of the House of Representatives Committee on Tertiary Education and Services, led by Hon Aminu Suleiman, paid an oversight visit to the agency.
Echono, while speaking on the operations of the Fund and the state of finances, especially from 2017 to date said last year’s collection, which is what the Fund used to operate this year, dropped to N189 billion.
“We witness a steady rise in collections under the education tax but unfortunately, last year, for the 2021 there was a sharp drop and that left us in a very dare position.
“For example, as I said, from N154 billion in 2017, the tax collection rose steadily to N257 billion over the years.
“So by 2020, we’ve got N257 billion, but unfortunately, last year’s collection, which is what we use to operate this year, dropped sharply to N189 billion.
“So over N60 billion drop revenue or resources available to TETfund and the way we operate, 2021 collections are used for 2022 operations,” the TETfund boss said.
However, he noted that given Mr president’s commitment on increased funding for education, and with the usual support of the National Assembly, the tax rate last year was increased from 2 to 2.5%.
“But the target is that before the end of this administration, it will increase to three per cents, which is a commitment that the President has already given in writing the global community to the Global Partnership for Education.”
Echono further commended the level of support and cooperation the Fund has enjoyed from the committee and the National Assembly, while seeking its support in effecting the amendment of the Fund.
“This is a major area that will be seeking the support of the National Assembly in terms of legislation.
“The other aspect is the fact that in contravention of this oversight, we also want to open our activities more to independent assessment and evaluation on our behalf.
“So we have designed a monitoring and evaluation that will be involving key stakeholders, like the National Assembly, even the staff unions in our tertiary institutions, to join us do independently look at some of the things that we’re doing,” he added.
Responding, Suleiman assured the Fund of its continued support and cooperation to ensure that the system continue to work stronger.
“We congratulate you and we assure you of our support, without prejudice to the fact that sometimes we can agree to disagree.
“And I’m sure you are familiar we have had quite several even when you are the Permanent Secretary to disagree entirely with the ministry, but not predicated on any personal motive but to share with you where I’m at with them differently from the way things are being done, and in most cases, we actually arrive at the surface.
“I have no doubt that our relationship will continue here. The essence is for us like I said to better the system.”
He said the visit was a legislative requirement on any legislatures through various committees that a minimum of an oversight must be conducted and the periodic report submitted to the house through the culinary bureaus to discuss matters, particularly challenges that agencies and monitors of those agencies are facing.
He also directed TETFund to mandate state institutions benefiting from its interventions to submit reports of their operations within three weeks.
Suleiman said, “For about four or five months we have written to the Fund asking them to invite the attention of state institutions who are benefiting from the Tetfund operations to send to the committee their statement of operations as thy relates to what they have been getting fr to om TETFund.
“We do not know whether is TETfund that has not communicated to the institutions or they have not followed up on all or the institutions felt that they state institution and they are not responsible to us.
“If they didn’t they should stop funding them because they cannot collect public fund and refused to account for it, impossible, they have to account.
“If they refuse to account because they are state institutions then they should go back to the state governors and get funding which is even the right thing that is supposed to be done.
“TETFUND is supposed to be assisting but we have a situation where every governor now set up an institution and abandon it to TETfund for funding except salaries.
“I use this opportunity to advise that bodies responsible for these should ensure that within three weeks all the state’s institution complied if they did not the committee will decide whether they are entitled to continue to benefit from succession that is under the control of TETfund,” he added.
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.
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