There is need for yearly or quarterly audit of the TETfund in Nigeria. The TETfund is vital to development of the education sector in Nigeria.
A little information on TETfund
From 1980’s and beyond, the decay of all tiers of education was monumental. Facilities had almost collapsed, teachers and lecturers morale was at its lowest. Enabling environment for conducive teaching and learning was absent. The administration of President, Ibrahim Babangida mindful of the reality of the situation took measures to arrest the rot. In December 1990 the Federal Government constituted the Commission on the Review of Higher Education in Nigeria (the Gray Longe Commission) to review the post independence Nigerian Higher Education after Lord Ashby’s Commission of 1959.
The Longe Commission recommended among others the funding of higher education through earmarked tax to be borne by companies operating in Nigeria. An implementation committee under the chairmanship of Professor Olu O. Akinkugbe was constituted to implementation Grey Longe’s Commission report recommendations also an Agreement was signed between the Federal Government and ASUU on the 3rd September, 1992 on funding of universities.
In January 1993, the Education Tax Act No7 of 1993 was promulgated alongside other education related Decrees. The Decree imposed a 2% tax on the assessable profits of all companies in Nigeria. This was a home grown solution to address issues of funding to rehabilitate decaying infrastructure, restore the lost glory of education and confidence in the system as well as consolidate the gains thereto; build capacity of teachers and lecturers; teacher development; development of prototype designs; etc.
The Education Tax Act of No7 of 1993 mandated the Fund to operate as an Intervention Fund to all levels of public education (Federal, State and Local). This mandate was faithfully discharged between 1999 to May 2011 when the ET Act was repealed and replaced by the Tertiary Education Trust Fund Act, due to lapses and challenges in operating the Education Trust Fund.
The education sector in Nigeria is one of the slowest sectors in Nigeria in terms of contribution the Nigeria economy. Reason could be as a result of poor management and revenue allocation to the education sector. The TETfund was meant to be among the sources of fund for the education sector in Nigeria. But the standard of learning environment is quiet poor; dilapidated building, lack of instructional materials and non-payment of teachers’ salaries.

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Auditing of the TETfund is very crucial at this time in Nigeria. This will help put a kind of correctness to the management of TETfund in Nigeria. Auditors are usually qualified accountants with major in auditing; of course they studied accounting as a course.

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The audit of TETfund will enhance transparency in the management of the TETfund. Lately there was an issue of strike in Nigeria; reason being that most tertiary institution in Nigeria is not well maintained; at the end of the day the money used in resolving this issue was from TETfund.

See how they will put fire to the building when the audit starts.
Op no go make the put fire for Tetfund headquaters