The Tertiary Education Trust Fund (TETFund) has taken a bold step to enhance transparency and accountability in the disbursement and utilization of its intervention funds by forging a strategic partnership with the Economic and Financial Crimes Commission (EFCC). This collaboration is aimed at ensuring that the funds meant for developing Nigeria’s tertiary institutions are judiciously utilized, with strict adherence to due process.
The partnership was formalized when the Executive Secretary of TETFund, Arc. Sonny Echono, led a delegation from the Fund’s management on a courtesy visit to the EFCC Chairman, Mr. Ola Olukoyede, at the Commission’s headquarters in Abuja. During the meeting, Echono lauded the anti-graft agency’s relentless efforts in safeguarding public resources, particularly those designated for the education sector through the Education Tax Fund, which TETFund administers.
Echono stressed that financial integrity is a cornerstone of the Fund’s mission to improve the nation’s tertiary education system, noting that collaboration with the EFCC will not only enhance accountability but also strengthen the monitoring and evaluation of how intervention funds are spent by beneficiary institutions. He called for more efforts in sensitizing contractors and educational institutions on proper financial practices, much like EFCC’s ongoing efforts with the Bureau for Public Procurement (BPP).
He further emphasized that maintaining transparency in the management of taxpayer funds is crucial, and he urged the EFCC to be actively involved in preventing financial misconduct. According to Echono, contractors and institutions must adhere to the highest standards of accountability to avoid compromising the projects funded by TETFund.
In his remarks, the EFCC Chairman, Mr. Ola Olukoyede, expressed optimism about the collaboration, stressing that it would significantly raise awareness and act as a deterrent to those seeking to circumvent due process. Olukoyede urged TETFund to exercise rigorous oversight of its projects to prevent issues such as delays, poor execution, or abandonment, which often arise from financial mismanagement.
He further pointed out that over 90 percent of corruption cases investigated by the EFCC are related to contracts and procurement. This highlights the critical importance of maintaining a robust partnership between TETFund and the EFCC in addressing these challenges within Nigeria’s educational sector. Olukoyede encouraged Arc. Echono to maintain a high level of accountability in managing the substantial public trust placed in his office, ensuring that the TETFund projects deliver the desired impact on Nigeria’s educational landscape.
