The Academic Staff Union of Universities (ASUU) has called for the utilisation of the backlog of unspent funds allocated to tertiary education.
This is as the Tertiary Education Trust Fund (TETFund) has announced a record-breaking N1.5trillion education tax collection for 2024.
It attributed the increase to the upward review in education tax from 2.5 percent to 3 percent.
ASUU warned that the continued stagnation of these resources could hinder the growth and development of the sector.
This comes as the Tertiary Education Trust Fund (TETFund) engaged stakeholders in a one-day strategic interaction with heads of beneficiary institutions on Monday in Abuja.
Executive Secretary of TETFund, Sonny Echono, said the strategic engagement marked a new chapter for the board, where it aligns efforts with stakeholders to optimise performance and enhance the quality of Nigeria's tertiary education.
He said that with the recent increase in education tax from 2.5% to 3%, TETFund is poised for even greater impact, improving infrastructure, academic programs, and accessibility for all students.
He added: "As heads of TETFund beneficiary institutions, you play a pivotal role in actualizing the mandate of the Fund. It is crucial that we engage constructively to set a clear course for the Fund's direction and operational priorities," he said.
"TETFund's purpose is to empower our nation's human capital, addressing the urgent need for capable, skilled professionals across all sectors.
"We urge all stakeholders to actively engage in building these partnerships. Let us explore innovative ways to connect our institutions with industry leaders, fostering a symbiotic relationship that benefits both our students and the economy."
On his part, the President of ASUU, Prof. Emmanuel Osodeke, said university leaders must fight for themselves and not rely on others to negotiate their future.
He warned that the proposed tax changes to TETFund could drastically affect Nigerian universities' funding, emphasizing the need to ensure these bills don't pass if we truly care about our education system.
According to him, tax reductions may seem beneficial to industries, but they risk crippling higher education funding.
"I want to say that we have a lot of problems. If we don't work hard, we cannot be sitting here in the next six years. Nobody will be here in the next six years," he said.
Osodeke further said: "Whether we will be here or not in the next six years will depend on the National Assembly. I am so happy the Senate and the House of Representatives are here. The information available to us as a union is that there are two sets of bills in the National Assembly.
"One from the executive and one from the legislature, all concerning TETFund. TETFund is just there. And the one from the executive arm of government indicates a page. Out of 260 tax reviews, it is just a page in it. And I am very sure the president will not have the details to look at that when he is reading.
"And what is there? That by the year 2025, they will increase the percentage of tax paid by industries to 4%. TETFund will receive 50% of it. By 2027, TETFund will be reduced to 3% from 4%.
"It should not be given to a bank to lend out as loans. When I look at this so-called NELFund as a bank, the money will not be given to a bank to lend to students. That bill is there.
"And all of us, if we still care about Nigerian universities, we must make sure that this bill does not pass. But once it goes through, Nigerian universities will stop. So, when you hear our team talking, this is what we are talking about."
He added: "We found that there is a lot of money stuck in central banks. Over the past 20 years, many universities have not been able to utilize it. Let's talk to ourselves.
"You cannot utilize it. In 2021, when we negotiated with the government towards the end, this money, in the assessment, seems as if we don't have the capacity to use it. So, what am I saying? This means it is building up. If it comes up and we are invited, we will support it.
"But if you have an investment with this backlog - something you cannot use you should not have access to the next one. Because we will learn how to use it when people fall for it. So that bill is also there, and it will make it impossible for you to use it. You can't account for the past. You cannot use it."
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On his part, chairman of the Board of Trustees of TETFund, Hon. Aminu Bello Masani, called for the removal of politics from the education sector if the nation's tertiary institutions are to experience any real development.
He urged universities to start devising means of creating their own funds rather than depending solely on the government.
"Let me start by commending ASUU for creating this intervention agency 21 years ago. And the fund has kept faith with the low establishment rate in our higher institutions.
"That's why we have some of the best institutions in the country. After 21 years, some institutions, with no apologies, and some people outside, see that the fund is not just an intervention agency, but an agency that must shield its own responsibilities in education, which I believe is right.
"I think it is high time we start to think, especially you, about how to fund education in a sustainable way. We see intervention.
"Believe me, after 2 or 3 months, I, as chairman, receive requests from institutions, especially those that know me or know someone who knows me," he said.
