Overview

The Tertiary Education Trust Fund (Establishment, Etc.) Act, 2011 is a Nigerian federal law that repeals the Education Tax Act Cap. E4 and the Education Tax Fund (Amendment) Act No. 17, 2003, and establishes the Tertiary Education Trust Fund (TETFund). The Act imposes a compulsory annual tertiary education tax of 2% on the assessable profit of companies registered in Nigeria, to be assessed and collected by the Federal Inland Revenue Service (FIRS). The tax is due within 60 days of assessment notice. The Fund is charged with managing and disbursing the tax revenue to public tertiary education institutions in Nigeria. The Act creates a Board of Trustees to oversee the Fund, defines its functions, and provides for the appointment of an Executive Secretary and staff. It also outlines offences, penalties, jurisdiction, limitation of suits, service of documents, restriction on execution against Fund property, indemnity of officers, and regulation-making powers. The Act was enacted by the National Assembly on June 3, 2011, and published in the Official Gazette on June 14, 2011. Key topics include taxation, education funding, corporate tax, and trust fund management. Entities mentioned include the Federal Inland Revenue Service, Board of Trustees, Executive Secretary, and the National Assembly.

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