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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was originally established as Education Trust Fund (ETF) by the Act No 7 of 1993 as amended by Act No 40 of 1998 (now repealed and replaced with Tertiary Education Trust Fund Act 2011).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.