NEITI, TETFund strengthen ties to enhance tax compliance

The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have committed to enhancing transparency, tax compliance, and data accessibility to strengthen Nigeria’s education sector.

During a courtesy visit by TETFund’s management to NEITI House in Abuja, Executive Secretaries Dr. Orji Ogbonnaya Orji (NEITI) and Arc. Sonny Echono (TETFund) reaffirmed their collaboration on revenue disclosures, manpower training, and public finance management.

Dr Orji emphasized NEITI’s role in monitoring Education Tax remittances from the oil, gas, and mining sectors, highlighting concerns over compliance and the need for prudent fund utilization.

He pledged continued tracking of tax payments to ensure accurate remittances in line with the Companies Income Tax Act (CITA).

NEITI promised to support TETFund in identifying compliance gaps within the extractive sector and leveraging financial auditing expertise to enhance accountability.

Strengthened cooperation will also facilitate data sharing, research, and capacity-building initiatives to ensure efficient education funding.

Arc. Echono underscored TETFund’s reliance on NEITI’s credible data to optimize revenue generation and infrastructure development in tertiary institutions.

He called for NEITI’s support in training stakeholders on public finance management and enhancing transparency in tax reporting.

Both organisations agreed to launch joint training programs for policymakers, tertiary institutions, and stakeholders on accountability and global best practices.

They also plan to engage academia in analyzing extractive revenue flows and their impact on poverty reduction and sustainability.

A key aspect of their collaboration includes completing the NEITI Data Centre, which will serve as a central repository for extractive industry reports and facilitate data-driven decision-making for national development.

The meeting concluded with a shared commitment to ensuring efficient tax remittance, transparency in fund management, and sustainable financing for Nigeria’s tertiary education system.