TETFund Allocates ₦1.6tr for Tertiary Education, Student Loans
The Tertiary Education Trust Fund (TETFund) has announced an unprecedented allocation of ₦1.6 trillion for nationwide interventions in Nigeria’s tertiary institutions the largest in the agency’s history.
The funds, sourced from the 3% education tax on company profits as stipulated by the TETFund Act, will be channeled into critical sectors, including infrastructure development, medical and healthcare training, renewable energy projects, and expanded student loan access.
Speaking at a media briefing in Katsina on Sunday, TETFund Governing Board Chairman and former Katsina State Governor, Aminu Bello Masari, said the allocation represents a strategic investment in the nation’s human capital and institutional capacity.
“This is a landmark moment for Nigeria’s higher education system. We are not only increasing funding but also ensuring that it targets the pressing needs of our institutions from world-class medical training facilities to innovative energy solutions and accessible financing for students,” Masari stated.
He explained that the interventions would cover all federal and state universities, polytechnics, and colleges of education, with priority given to projects that enhance learning environments, improve research output, and strengthen healthcare education to address Nigeria’s shortage of skilled professionals.
Masari also revealed that part of the funding will go toward student loan schemes, making it easier for young Nigerians to finance their education and reduce the dropout rate caused by financial constraints.
TETFund, established in 2011, has been a key driver in upgrading infrastructure and academic capacity in Nigeria’s higher education sector.
This new injection of funds is expected to significantly boost its impact, especially in the wake of economic challenges and increasing demands on the education system.
Education stakeholders have welcomed the announcement, calling it a “game changer” for addressing the country’s skills gap, while urging transparent disbursement and strict monitoring to ensure the funds are used effectively.
