Allegedly missing fund: TETFUND claims FG borrowed N371 billion

According to the Tertiary Education Trust Fund (TETFUND), the federal government owes the organization N371 billion, despite charges of a N2.3 trillion mission.

Sonny Echono, the executive secretary of the TETFUND, reported this at an open discussion on the suspected missing N2.3 trillion in the TETFUND from 2011 to date, which was conducted by an ad hoc committee of the House of Reps.

In response to the reported N2.3 trillion missing, Echono stated that the revenue obtained to the fund during the time is N2.47 trillion. He disclosed that the federal government borrowed N371.3 billion and refunded N48 billion between 2011 and today.

The executive secretary also stated that all essential papers to facilitate the committee’s probe had been delivered.

Earlier, the chairman of the committee, Oluwole Oke (PDP-Osun), emphasized the house position on a proposal to examine the supposed missing money. He stated that the committee would review all documents supplied by TETFUND as well as the law governing the fund.

Oke explained that the committee was particularly concerned about the wellbeing of TETFUND workers, guaranteeing that no person or agency would be coerced by the house.

He did, however, state that the legislature would guarantee that TETFUND does the right thing and provides the necessary services to Nigerians.

Oke postponed the hearing until Thursday.