FIRS Remits N251bn Education Tax In Ten Months – TETFund

The Federal Inland Revenue Service (FIRS) collected N251 billion education tax in the first 10 months of year 2020 and remitted same to the Tertiary Education Trust Fund (TETFund) within the period.

The Chairman, Board of Trustees (BoT) of the TETFund, Mr. Kashim Ibrahim-Imam, said in Lagos at an event to round off the 2020 TETFund/FIRS Joint Interactive Forum yesterday, said TETFund targeted N277billion for 2020.

He disclosed that N500 billion target has been set for FIRS for 2021 on the premise that the number of beneficiary public institutions has increased to 226, with more burdens.

The FIRS collects two percent education tax from the profit of companies registered in Nigeria and remits same to TETFund for its intervention projects in public tertiary institutions.

“We have so far embarked in excess of 10,000 projects across the nation’s tertiary institutions while up to 50 percent of the projects had been completed and already impacting positively the beneficiaries and the nation’s economy,” he said.