TETFund, EFCC Join Forces to Ensure Proper Use of Intervention Funds
By Queen Israel, Abuja
The Tertiary Education Trust Fund (TETFund) has partnered with the Economic and Financial Crimes Commission (EFCC) to ensure the proper management and utilization of intervention funds allocated to educational institutions.
This partnership was formalized when the Executive Secretary of TETFund, Arc. Sonny Echono, along with his management team, paid a courtesy visit to the EFCC Chairman, Mr. Ola Olukoyede, at the commission’s headquarters in Abuja.
During the meeting, Arc. Echono highlighted that the visit was aimed at reinforcing TETFund’s support for the EFCC’s efforts to safeguard Education Tax funds. These funds, entrusted to TETFund to enhance Nigeria’s educational system, must be spent wisely for the benefit of the nation.
He pointed out that TETFund has previously taken preventive measures to curb financial misconduct by working with the Bureau for Public Procurement (BPP) to educate heads of beneficiary institutions on proper procurement procedures. He called for a similar collaboration between the EFCC and these institutions to further promote financial transparency.
Arc. Echono also emphasized the need for a focus on improving the contract system, hoping that the visit would send a strong message to beneficiary institutions and contractors about the importance of accountability in managing taxpayers’ money.
EFCC Chairman, Mr. Olukoyede, expressed his satisfaction with the visit, stating that the collaboration would raise awareness that both agencies are united in promoting transparency. “When people know we are working together, it sends a clear message to those who may try to cut corners,” he said.
Mr. Olukoyede encouraged TETFund to intensify its monitoring of projects within beneficiary institutions to avoid delays, incomplete work, or project abandonment by contractors. He also urged Arc. Echono to lead with integrity, stressing the responsibility that comes with managing taxpayers’ money. “Trust is a heavy burden, especially in an environment where cutting corners is common. It’s up to us to uphold the right standards,” he remarked.
The EFCC Chairman revealed that over 90% of public corruption cases investigated by the commission involve contracts and procurement activities. He assured TETFund of the EFCC’s willingness to strengthen their collaboration moving forward.
