The newly signed Nigeria Tax Act 2025 has clarified that the Tertiary Education Trust Fund (TETFund) will now receive 50 per cent of the development levy allocated for national institutions.
In the same vein, the Nigeria Education Loan Fund (NELFUND) will receive 15 per cent. This was disclosed in a statement by Ado Mohammed Abubakar, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Associate of the Chartered Institute of Taxation of Nigeria (CITN). According to the statement, the new law will promote national development and facilitate a more transparent and accountable distribution process.
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