Senate Uncovers Over N500b Fraud In TETFUND

Senate Uncovers Over N500b Fraud In TETFUND

Chris Steven, Abuja

The Upper Legislative Chamber, the   Senate has resolved to get involved in the confirmation of appointment of the Executive Secretary and board of trustees of the Territory Education Trust Fund (TETfund).

This is coming after the Senate Committee on Tertiary Institutions and TETfund uncovered gross mismanagement of education tax fund between 2011 and 2015

While submitting the report at Thursday plenary, Senator Barau Jibrin said the TETfund was unable to account for over N500billion  within the year under review.

The Committee said it discovered  gross mismanagement of funds meant for tertiary institutions perpetrated at the Fund.

The report indicated that the daunting revelation of mismanagement of funds between 2011 to 2015 was done without approval where the agency was involved in borrowing spree to other governments departments contrary to the Act establishing it.

According to Senator Barau, out of N508billion tax fund that accrued to TETFUND, the sum of N45billion was borrowed to Federal Ministry of Education.

He added that the newly appointed executive Secretary of TETFUND also revealed to the Committee that Petroleum Trust Development Fund (PTDF) also borrowed the sum of N10billion which was refunded recently.‎

‎While reacting, Senate President, Senator Bukola Saraki suggested that the Senate must amend the Act setting up the agency in a manner that it would approve funds before expending it to avoid potholes in the future.

After contributions by other Senators, it was resolved that appointment of the agency’s Executive and its Board of Trustees have to be confirmed by the Senate while urging the agency to recover funds it borrowed out.