By Mercy Aikoye
The President, Academic Staff Union of Universities (ASUU), Professor Victor Osodeke has urged the federal government to as a matter of urgency stop tax waivers meant to fund tertiary institutions in the country.
Prof Osodeke who was speaking on Tuesday during a public hearing on Monitoring of Collection, utilization and other associated services relating to Education Tax from 2011 – 2022, hinged the poor funding of tertiary institutions and incessant industrial actions to waivers granted to banks and other private institutions.
Chairman, House committee on tertiary institutions Hon. Mariam Onuorah in her submission noted that the engagement by the committee is to ensure that the Education tax is fully collected by the FIRS as well as putting it to judicious use.
The Committee recalls that In 2011, there was a presidential order issuing tax waiver to some banks and private institutions based on certain categories of income and has revealed that some companies are hiding under the pretext of avoiding Education tax following the presidential order of waiver.
The primary objective of TETFund as introduced in 1992 is to provide supplementary funding to public tertiary institutions in Nigeria and enhance their infrastructure, academic quality, and research capabilities.
The fund which is applied through a 3% Education Tax imposed on the assessable profit of companies registered in Nigeria is collected by the Federal Inland Revenue Service and remitted to TETFund for allocation to eligible tertiary institutions.
In another development, the Chairman of the House of Representatives Committee On Environment, Hon. Pondi Gbabojor, has summoned the minister of Environment and the Director General of the National Emergency Management Agency (NEMA) to appear at it next sitting or face sanctions accordingly.
Earlier the Speaker who represented by the Deputy Majority leader of the House, Hon. Abdullahi Halims said, “as the people’s parliament and in line with the Legislative agenda, it will embark on a legislative processes and legal framework that will address the environmental challenges.
