The Nigeria Extractive Industries T r a n s p a r e n c y Initiative (NEITI) has revealed that the total revenue accrual to the Tertiary Education Trust Fund (TETFund) from education taxes from the extractive sector reached approximately N1.024 trillion in five years.

Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, who made the revelation at the Memorandum of Understanding (MoU) signing ceremony between NEITI and TETFund yesterday in Abuja, noted that the amount of revenue accrued according to its industry reports of the Nigeria extractive sector.

He highlighted the centrality of the extractive sector in financing Nigeria’s tertiary education. A breakdown of the revenues from the NEITI’s industry audit reports shows that: In 2022, the total revenue accruals to TETFund from education taxes from the extractive sector stood at N322.99 billion;

In 2023, that figure rose significantly to N571.01 billion, the highest annual inflow to date, while between 2019 to 2021, NEITI audit data shows that total accruals to TETFund amounted to N644.19 billion, of which N624.32 billion was disbursed.

According to the NEITI boss, the MoU being signed between both agencies was on information and data sharing to ensure that NEITI’s verified data would feed into TETFund’s strategic planning, revenue forecasting, and accountability framework.

“Under the MoU, NEITI will work with TETFund to ensure timely and prompt remittances through early deployment of evidencebased data. NEITI will also provide real-time information on revenue accruals due to TETFund to guarantee transparency and support the Fund in tracking remittances and utilisation.”

“With this MoU, NEITI and TETFund commit to a future of joint accountability, open data exchange, and measurable impact. This is not just a partner ship between two institutions—it is a covenant with the Nigerian people. A promise to ensure that Nigeria’s natural resource wealth truly works for every citizen—especially through education.”