‘Over ₦600b TETFund unused funds trapped in CBN’

The former President of the Academic Staff Union of Universities (ASUU), Prof. Emmanuel Osodeke, has expressed concern regarding the over ₦600 billion in unspent allocations from the Tertiary Education Trust Fund (TETFund) that are currently inactive in the Central Bank of Nigeria (CBN).

During his address at the 2025 TETFund Board of Trustees National Town Hall Meeting held in Abuja, Osodeke called on the Federal Government to take action against institutional leaders who neglect to utilize the allocated intervention funds.

He emphasized that such inaction compromises TETFund’s objective of enhancing teaching, learning, and research facilities across universities, polytechnics, and colleges of education.

"A significant amount of money is sitting idle in the Central Bank, belonging to institutions that have not made use of it. The last assessment indicated that it was nearly ₦600 billion. To date, no universities or Vice-Chancellors accountable for this situation have faced any repercussions," he stated.

“This is public money given to universities over the years. Some have had the funds for 10 to 15 years without using them, and several projects have been abandoned. Measures must be put in place to ensure accountability among university administrators and governing councils,” he added.

Osodeke also expressed concern over the newly introduced Development Levy in Nigeria’s Tax Act, warning that it would reduce TETFund’s revenue inflow from 3 percent to 2 percent.

According to The Guardian, the new 4 percent Development Levy on assessable profits—set to replace multiple sectoral taxes such as the Tertiary Education Tax, NASENI Levy, IT Levy, and Police Trust Fund Levy—will take effect on January 1, 2026.

“Whether we like it or not, there’s a reduction in fund allocation to TETFund. The new Development Levy will cut its share from 3 percent to 2 percent. This means fewer resources for educational development, and we should not accept that,” Osodeke warned.