N250bn Grant: Reps panel drills TETFund

-***Demands full Details of Beneficiaries

The Public Account Committee, (PAC) of the House of Representatives on Tuesday quizzed the Management of the Tertiary Education Trust Fund TETFund over the disbursement of the sum of N250 billion placed under the subhead ‘Grant’ as contained in its Audited Financial Report for the year ended 31st December 2019

This was based on the Audit query from the office of the Auditor General of the Federation
The Management of the Agency was led by its Director of Finance and Administration, Dr Gloria Olotu to the investigative hearing organized to consider the queries raised on its annual report as the new Executive Secretary Arc.Sonny S.T. Echono
was unavoidably absent.

The Chairman of the Committee, Rep. Busayo Oluwole Oke frowned at the absence of the Executive Secretary for failing to honour the invitation of the parliament, saying that the immediate past Executive Secretary of the Agency only appeared once warning that such attitude would no longer be tolerated

He stated that the Agency like other MDAs was being summoned in the spirit of fair hearing to defend itself over the queries raised against it by the office of the Auditor general of the federation.

The chairman also pointed out that the Agency would have to prove beyond reasonable doubt why it should not be sanctioned for unremitted taxes, other deductions and undisclosed reserves totalling N345.02 million within the period under review.

He added that the Agency would have to address squarely the issue of irregularities in the Agency’s disclosure of Aids and Grants as contained in the AuGF’s report totalling another eight billion naira.

Responding, TETFund’s Olotu explained that what appeared as non remittance of taxes and other deductions was due to the fact that such deductions were usually made in the month of December of every year and remitted in January of the following year.

She added that the N250 billion classified as Grant in the audit query was wrong as the amount represented part of the non- statutory operating funds of the agency raised from the 5% administrative cost its establishment act allows it to expend from the Education Tax.

She agreed that hitherto, the Agency was having issues of properly classifying different funds available to it under correct sub-heads, but that the problem had been solved over time.

The Committee chairman however insisted on relevant documents to backup her claims, demanding among others, TETfunds budgets for the years 2018, 2019, and 2020, its projected revenue for the same period as well as evidence from the Federal Inland Service Commission, FIRS that such tax deductions were truly made and paid into government coffers.

Rep Oke also demanded for the new Executive Secretary of TETfund to appear before the Committee, after he must have been fully briefed by the management staff of the Agency as requested by the representative of the Agency.

He Consequently directed the Agency to appear before the Committee by next week Tuesday for further questioning

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