AN APPRAISAL OF THE EFFECT OF EDUCATION TRUST FUND ON ACCOUNTING EDUCATION IN NIGERIA TERTIARY INSTITUTION
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AN APPRAISAL
OF THE EFFECT OF EDUCATION TRUST FUND ON ACCOUNTING EDUCATION IN NIGERIA
TERTIARY INSTITUTION
ABSTRACT
This
research undertakes afive-year period study of the activities of Education
Trust Fund (ETF) upon Nigerian tertiary institutions with the target of
revealing how Education Trust Fund has helped in enhancing the educational
development of Nigerian Tertiary Institutions under accounting section. Various
analytical tools were employed in appraising data generated from the
publications of the operations department of the Education Trust Fund and some
other Federal Government publications. The research found out that ETF has made
significant positive impact towards improving the educational sector in Nigeria
by construction of various intervention projects and improving the teaching and
learning conditions of both students and lecturers., and that each tertiary
institution has its own criteria (subject to TETfund directives) for
determining which lecturer becomes a beneficiary. However, the principal
officers such as vice chancellors, rectors, provosts and their deputies, the
directors of works, librarians etc are not to be included as beneficiaries. The
research also revealed that ETF distribution formula nationwide for tertiary
institutions were 25%, 12.5% and 12.5% for Universities, Polytechnics and
Colleges of Education, respectively while the remaining 50% was distributed to
Secondary and Primary Schools. Conclusively, the researcher is of the opinion
that the ETF has the potential of alleviating the chronic under-funding of the
educational sector and that in future, if properly utilized the fund will
continue in no small measure towards revitalizing the educational system in
Nigeria.
CHAPTER ONE
1.0
INTRODUCTION
Generally,
Tax is a compulsory levy imposed upon taxable persons by the government of any
nation. It is one of the major sources of government revenue used in executing
the socio-economic activities of the country. There are various forms of taxes
collected from individuals and companies by Nigerian government. These tax
forms are as established by the notable tax legislations in Nigeria today.
These taxes are administered by the authorities of the three tiers of Nigerian
government namely: The Federal, State and Local Governments. These various
authorities are the Federal Board of Inland Revenue (FBIR), the State Board of
Internal Revenue and the Local Government Tax Authority for the Federal, State
and Local Government respectively.
Education
Tax Fund (ETF) however, was established by Education Tax Act No. 7 of 1993 and
amended by Act No. 40 of (22nd Dec.) 1998. The Act imposes tax at the rate of
2% on the assessable profits of all incorporated bodies. The tax applies to all
companies registered in Nigeria. These assessable profits of a company shall be
ascertained in the manner specified in the companies Income Tax Act or the
Petroleum Profits Tax Act as the case may be.
What
necessitated the promulgation of this Education Tax Act was the widely
recognized decline in Educational standards and the deep rot in infrastructure
and other facilities at all levels of the Nigerian educational system.
From the
primary to secondary and tertiary levels, it was obvious that there was urgent
need for emergency funding to improve educational facilities and
infrastructure, restore high morale of teachers, attract and retain qualitative
entrants into the profession, encourage professionalism in teaching and improve
teacher education curriculum. There was also the need to create an enabling
environment for conducive teaching and learning and thus ensure the creation of
a disciplined, committed, highly motivated, respected and professional teacher.
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