Nigeria’s tertiary education tax fund (TETFUND) is providing grant of about N687 billion to Nigerian universities, polytechnics, and colleges of education in its latest round of funding for 2024. The amount is more than double the N302 billion released last year, following the increase in education tax from 2.5% to 3% in the 2023 Finance bill signed into law by President Muhammadu Buhari. Universities will receive N1.9 billion, while polytechnics and colleges of education will receive N1.1 billion and N1.3 billion, respectively. Until 2021, the education tax was 2% of company’s income tax.
