Following the reports of Senate Committee on Tertiary Institutions and TETFUND on gross mismanagement of Education Tax Fund, Senate has resolved to get involved in confirmation of appointment of TETFUND Executive Secretary as well as the agency’s Board of Trustees.
The decision follows daunting revelation of mismanagement of funds between 2011 and 2015. The agency was involved in borrowing spree to other governments departments contrary to the Act establishing the agency.
“That the Senate do consider the report of Committee on Tertiary Institutions and TETFUND on gross mismanagement of Education Tax Fund”.
According to the report which was presented by Senator Jibrin Barau, Kano North Senatorial district, out of N508billion Tax Fund accrued to TETFUND, the sum of N45billion was borrowed to federal ministry of education.
He added that the newly appointed executive Secretary of TETFUND also revealed to the Committee that PTDF also borrowed the sum of N10billion which was refunded recently.
“Mr President, distinguished colleagues, in the course of our investigation, the newly appointed executive Secretary revealed to us that the sum of N10billion was borrowed to PTDF, but they have refunded it”, Jibrin said.
“The sum of N45billion was also borrowed to the Federal Ministry of Education by TETFUND under the former Executive Secretary”, he added.
On his, part Senator Solomon Adeola(APC) Lagos West Senatorial District while recalling his experiences as former Chairman, House Committee on Public Accounts corroborated that there was huge mismanagement of resources by TETFUND.
He suggested that the Senate must amend the Act setting up the agency in a manner that it would approve funds before expending it to avoid the prevailing funds mismanagement in the agency.
After contributions by other Senators, it was resolved that appointment of the agency’s Executive and its Board of Trustees have to be confirmed by the Senate while urging the agency to recovers funds it borrowed out.