The House of Representatives has resolved to set up an ad-hoc committee to investigate the allegations of abuse of 2.3 trillion naira generated from tertiary education tax by the tertiary education trust fund from 2011 to 2013.

The resolution followed the consideration of a motion moved by Honorable Olusola Fatoba and two other lawmakers.

Presenting the motion, Fatoba noted that the tax was introduced based on the repealed Education Tax Act, which established the Education Trust Fund to impose Education Tax on Nigerian companies at the rate of 2.5 percent of the assessable profit for annual assessment.

It will be recalled that the tertiary education tax was introduced as a special corporate tax to provide specialized funding for tertiary education in Nigeria, including capital projects, research and development, amongst others.