The Tertiary Education Trust Fund (TETFund) has said it received a shortfall of N68 billion in its revenue collection for 2021.

The agency explained that its revenue collection dropped from N257 billion to N189 billion, adding that the drop amounted to N68 billion.

TETFund’s Executive Secretary Sonny Echono announced this at a one-day meeting of heads of beneficial institutions in public tertiary institutions with the agency yesterday in Abuja.

Echono said despite the drop, the agency was able to improve from N189 billion in 2021 to over N300 billion in 2022.

The TETFund boss said the increase in revenue collection was expected to boost disbursement to beneficiary institutions in 2023.

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He said: “Our collections yield to our disbursement to you. We received N257 billion in 2021 to only N189 billion, which is a deficit or shortfall of N68 billion in revenue. This has impacted what you get from us.

“Yet, I am pleased to report that despite this challenge, in the last eight months, we have disbursed more funds to you than in any other year since the establishment of the fund.

“Our primary duty is actually as a disbursement agency and we are expected to ensure this is done judiciously for the purposes of funding projects in the various institutions.”

Echono stressed that given President Muhammadu Buhari’s commitment to increased funding for education and with the support of the National Assembly, the tax rate was increased from two per cent to 2.5 per cent.

The agency boss said this was a deliberate effort at mobilising resources for TETFund.