The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have deepened partnership on accessibility to credible data, tax compliance and revenue disclosures.

Both agencies have also committed to manpower training and development, public finance management and educational financing for their staff and other critical stakeholders on transparency and natural resource governance.

Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, emphasised the need for stronger collaboration between NEITI and TETFund to ensure funds meant for development of tertiary education in Nigeria and overall national development from the extractive sector were efficiently and transparently managed.

He said: “Over the years, NEITI has closely monitored revenues accruing from the oil, gas, and mining sectors, particularly the Education Tax, which forms a major component of TETFund’s financial inflows.

“NEITI has noted with significant concerns the remittances of the funds by liable operating entities, as well as the prudent and accountable management of the revenues to achieve intended purposes.”

Orji affirmed that NEITI and TETFund would ensure prompt remittances of Education Tax; promote prudent utilisation of funds, and encourage data sharing and joint research.

NEITI, he assured, would continue to track payments from oil and gas companies, to ensure the correct taxes were remitted as and when due, in line with the provisions of the Companies Income Tax Act (CITA).

Also, he said NEITI would support TETFund in identifying and addressing gaps in compliance by extractive sector players, pointing out that by leveraging its expertise in financial auditing and revenue tracking, it would enhance accountability in the disbursement and utilisation of Education Tax funds.