N500bn TETFund Intervention Fund Lies Unaccessed In CBN – Reps
1 year ago 4 min read
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The House of Representatives has vowed to address the challenges hindering tertiary institutions from accessing the N500 billion Tertiary Institutions Trust Fund (TETFund) intervention fund lying unaccessed in the Central Bank of Nigeria (CBN).
The House Committee on TETFund and other Services disclosed this during a courtesy visit to Kaduna State Governor Uba Sani, represented by his Deputy, Dr. Hadiza Balarabe, on Thursday.
Chairman of the House Committee, Hon. Mariam Odinaka Onuoha, noted that three Kaduna state-owned tertiary institutions have over N1.3 billion unaccessed TETFund intervention fund.
She noted that the committee aimed to ensure proper oversight of the tertiary intervention, make proper account of disbursed funds, and address challenges hindering institutions from accessing the funds.
The committee commended President Bola Tinubu’s commitment to infrastructural development in Nigeria’s tertiary institutions, stating that 80% of the infrastructures are due to TETFund intervention.
The committee will work to relax stringent conditions attached to TETFund guidelines, enabling institutions to access the funds and complete projects, she added.
“One of the key mandates of this committee is to ensure proper oversight of the tertiary intervention and to make proper account of all the monies that have been disbursed to bridge infrastructure gap and improve teaching and learning across all tertiary institutions.
“The key responsibility of the committee is also oversight of the TETFund agency, which the committee embarked on in May. In that assignment, the committee found out that over N500bn was lying in CBN unutilized.
“We are not unaware of the growing needs to improve funding and interventions within the 12 intervention lines of TETFund.
“But, I want to also use this opportunity to acknowledge the President for this intervention for TETFund. 80% of the infrastructures dotting the institutions today are on account of the TETFund intervention and for that, we give kudos to the Federal Government for a good initiative.
“You will agree with me that, depreciation will always set in and that, N500million naira allocated to do this project 2020 will not be able to do it now, but given the stringent conditions attached to the TETFund guidelines, with regards to prerequisites for accessing these funds, it will hitherto not be possible to readjust this funding,” the chairman said.
In her remarks, Deputy Governor of Kaduna State, Dr. Hadiza Balarabe expressed her appreciation to the Committee for their dedication to resolving the challenges that hinder higher education institutions from accessing federal intervention funds.
She encouraged the heads of the state’s tertiary institutions present at the meeting to share their challenges openly with the House of Representatives, fostering a collaborative approach to finding viable solutions.
The meeting was also attended by leaders from various federal educational institutions in the state,
The Deputy Governor expressed her gratitude to the delegation for their visit and assured them that the state government would fully commit to any agreements reached during the meeting.
She encouraged all heads of tertiary institutions to identify and present the challenges they face, particularly those related to accessing funds.
The Deputy Governor also emphasised the importance of maintaining consistent standards across all departments and elevating the state’s institutions to a higher level.
She acknowledged that while TETFund interventions are vital for the development of these institutions, sustaining these efforts across all schools has proven challenging for many in the state.
In her remarks, the Deputy Governor, reiterated the state government’s support for tertiary institutions in the state to access federal intervention funds.
Balarabe assured that the state government would work collaboratively with the institutions to address challenges hindering access to funds.
“We encourage our institution heads to openly share their challenges, particularly those related to funding, so we can work together to find solutions,” she said while adding that “Maintaining consistent standards and elevating our institutions are crucial, and we are committed to supporting our institutions to achieve this.”
The Deputy Governor acknowledged the importance of TETFund interventions in developing tertiary institutions but noted that sustaining efforts across all schools has proven challenging.
She expressed confidence that through collaboration, the state government and institutions can unlock their potential and provide quality education.
“I want to express my appreciation to the Committee for their dedication to resolving the challenges that hinder higher education institutions from accessing federal intervention funds,” she added.
