The Tertiary Education Trust Fund (TETFund) has flagged off the construction of a 28-executive-room international hostel at the University of Benin (UNIBEN).
This was disclosed by the Institution’s Public Relations Officer (PRO), Benedicta Ehanire, Ph.D, in a statement made available to Campus Gist, on Friday.
The Vice Chancellor, Professor Lilian Salami, who supervised the ground-breaking ceremony of the hostel complex, said the proposed edifice is symbolic, as it marks the first of many major projects to be executed during her tenure.
Campus Gist reports that the hostel project is expected to be completed within 42 weeks.
Established as an intervention agency under the TETFund ACT 2011, the Tertiary Education Trust Fund (TETFund) is charged with the responsibility of managing, disbursing and monitoring the education tax to public tertiary institutions in Nigeria.
To enable the TETFund achieve the said objectives, TETFund ACT, 2011 imposes a 2 percent (2%) Education Tax on the assessable profit of all registered companies in Nigeria. The Federal Inland Revenue Service (FIRS) is empowered by the Act to assess and collect Education Tax. The Fund administers the tax imposed by the Act and disburses the amount to tertiary educational institutions at Federal and State levels.
It also monitors the projects executed with the funds allocated to the beneficiaries.