The Executive Secretary, Tertiary Education Trust Fund (TETFund), Prof. Elias Bogoro, has clarified that TETFund budget does not come from the federation account.
Bogoro, who was reacting to reports making round in some media outlets (not the Daily Times) that TETFUND received N1 trillion in five years but lacks accounting and operational guidelines, explained that the organisation derived its funds from the 2% accessible tax of profit making entities in Nigeria.
Describing the reports as malicious, false and a deliberate attempt by distracters to pull down the cooperate image of TETFund, Prof. Bogoro explained that the 1992 negotiation of the Academic Staff Union of Universities, ASUU, that the proposed trust-fund bill should not be subject to annual and traditional budgetary system has remained a very important element binding on the organisation.
He said: ‘’I want to say here, go to the laws of TETFund, go to the website. TETFund budget does not come from the federation account. I want to say this to all of you. ASUU made sure in negotiation in 1992, which has remained a very important element of the agreement that the trust fund bill proposed should not be subject to annual budgetary, traditional budgetary system.
‘’Our budget is prepared by the management and as chief executive, I take it to the board of trustee members and seek their recommendations to the president through the honourable Minister of Education. After the approval of Mr. President, the budget comes back through the Minister of Education to the board of trustees. That is the protocol.
‘’TETFund money is derived from the 2% accessible tax of profit making entities in Nigeria. This is very important for you people to know. If you do not have information about issues, seek clarifications so as not to misinform the public’’.
While stressing that he will remain focused in carrying out his mandate, Bogoro added that he will continue to run a transparent and open door policy.
‘’I have always opened up, you are aware that only recently, I did something that perhaps very few agencies do. I inaugurated a Technical Advisory Committee on Impact Assessment (TACIA), to undertake and produce the strategic plan for the fund. The committee is made up of 100 percent none second -staff because I have nothing to hide and I directed all my staff to open up to the books to them.
‘’If you want to find out whether we have financial procedure guidelines, then we send you to that department. You do not even have to bother asking me. Some people are saying that we don’t have manuals, we don’t have operational guidelines and I say, that must be another TETFund from another planet not the one that I am presiding over.
‘’It is very painful and it remind me when some persons choose to do things that tell me we cannot get it right in our own country. I am too focused to be distracted by speculations aimed at pulling down the corporate image of this organisation’’, he added.