The Tertiary Education Trust Fund (TETFUND) says it has budgeted a significant increase in annual direct disbursements in response to improvement in tax collections.

The Executive Secretary of TETFUND, SONNY ECHONO, made this known in Abuja at an interactive session with heads of beneficiary institutions on the disbursement guidelines for the 2024 intervention cycle.

ECHONO, who appreciated the Federal Inland Revenue Service for its diligent efforts in collecting the education taxes, said that the 2023 collection was being allocated by the fund for the 2024 intervention projects.

He added that its 2023 collection of education tax was the highest in a single year since inception.

The TETFund boss also attributed the high revenue to increases approved by the former and present administrations to 3 per cent of accessible profit and other factors.

Speaking on the proposed areas of focus under the 2024 intervention programme, he said TETFund had budgeted a significant increase in annual direct disbursements in response to the improvement in tax collections.

According to him, 90.54 per cent of taxes generated is budgeted for direct disbursement and designated 6.5 per cent for some projects and 2.94 for stabilisation to enable the fund to respond to emerging issues, all of which are subject to final distribution and approvals.