TETFund At Risk? ASUU Raises Alarm Over Proposed Tax Reforms

The Academic Staff Union of Universities (ASUU) has strongly criticized the federal government’s Tax Reform Bill, particularly its implications for the Tertiary Education Trust Fund (TETFund).....KINDLY READ THE FULL STORY HERE▶

ASUU President, Professor Emmanuel Osodeke, expressed concerns over the proposed Nigeria Education Loan Fund (NELFUND), which is expected to replace TETFund, stating it would harm tertiary education rather than improve it.

Speaking during an interview with News Central on Monday, Osodeke highlighted how the introduction of the student loan program led to significant fee hikes across universities, polytechnics, and other higher institutions, resulting in increased dropout rates.

He alleged that NELFUND was established as a conduit for mismanaging funds. “They never consulted ASUU, ASUP, or any union. Since the announcement of NELFUND in 2023, school fees in many institutions have been raised, and student dropouts have surged. We are conducting research on this and will release the findings to the nation,” he stated.

Osodeke further noted that student enrollment in Nigerian universities has declined, as many students are unwilling to take loans that would burden them post-graduation. He also criticized the budget allocation for NELFUND, pointing out discrepancies in funding priorities.

“For this year’s budget, 127 billion naira is allocated for the overhead costs of running NELFUND, yet less than 50 billion naira has been provided as loans to students over the past two years. This creates unnecessary bureaucracy that benefits a few at the expense of the nation. If the interest was genuine, why allocate more for overhead costs than for actual student loans?” Osodeke questioned.

He emphasized that ASUU advocates for retaining TETFund rather than replacing it with NELFUND. He urged the federal government to explore alternative funding sources for the student loan program.