President Muhamadu Buhari has confirmed Arc Sunday S.T. Echono as the new Executive Secretary of the Tertiary Education Trust Fund (TETFUND).
This was disclosed in a statement signed by the Director, Press and Public Relations at the Federal Ministry of Education, Ben. Bem Goong.
The statement read, “President Muhamadu Buhari has approved the appointment of Arc Sunday S.T. Echono as the new Executive Secretary of the Tertiary Education Trust Fund (TETFUND). He takes over from Prof. Sulaiman Elias Bogoro whose 5 year tenure will end on 18th March 2022.
“Described as an accomplished technocrat, Arc Echono brings to the job, diverse wealth of experience spanning Infrastructure, business administration, procurement management, ICT and the education sectors.
“Prior to his appointment he had served as Permanent Secretary Fed. Min of Education and Member, Board of Trustees of TETfund among other important National assignments.”
The Tertiary Education Trust Fund (TETFund) was originally established as Education Trust Fund (ETF) by the Act No 7 of 1993 as amended by Act No 40 of 1998 (now repealed and replaced with Tertiary Education Trust Fund Act 2011).
It is an intervention agency set up to provide supplementary support to all level of public tertiary institutions with the main objective of using funding alongside project management for the rehabilitation, restoration and consolidation of Tertiary Education in Nigeria.
The main source of income available to the Fund is the two percent education tax paid from the assessable profit of companies registered in Nigeria. The Federal Inland Revenue Services (FIRS) assesses collects the tax on behalf of the Fund.