AN APPRAISAL OF THE EFFECT OF EDUCATION TRUST FUND ON ACCOUNTING EDUCATION IN NIGERIA TERTIARY INSTITUTION

ABSTRACT

This research undertakes a five year period study of the activities of Education Trust Fund ETF upon Nigerian tertiary institutions with the target of revealing how Education Trust Fund has helped in enhancing the educational development of Nigerian Tertiary Institutions under accounting section. Various analytical tools were employed in appraising data generated from the publications of the operations department of the Education Trust Fund and some other Federal Government publications. The research found out that ETF has made significant positive impact towards improving the educational sector in Nigeria by construction of various intervention projects and improving the teaching and learning conditions of both students and lecturers., and that each tertiary institution has its own criteria subject to TETfund directives for determining which lecturer becomes a beneficiary. However, the principal officers such as vice chancellors, rectors, provosts and their deputies, the directors of works, librarians etc are not to be included as beneficiaries. The research also revealed that ETF distribution formula nationwide for tertiary institutions were 25, 12.5 and 12.5 for Universities, Polytechnics and Colleges of Education, respectively while the remaining 50 was distributed to Secondary and Primary Schools. Conclusively, the researcher is of the opinion that the ETF has the potential of alleviating the chronic underfunding of the educational sector and that in future, if properly utilized the fund will continue in no small measure towards revitalizing the educational system in Nigeria.

CHAPTER ONE

1.0 INTRODUCTION

Generally, Tax is a compulsory levy imposed upon taxable persons by the government of any nation. It is one of the major sources of government revenue used in executing the socioeconomic activities of the country. There are various forms of taxes collected from individuals and companies by Nigerian government. These tax forms are as established by the notable tax legislations in Nigeria today. These taxes are administered by the authorities of the three tiers of Nigerian government namely: The Federal, State and Local Governments. These various authorities are the Federal Board of Inland Revenue FBIR, the State Board of Internal Revenue and the Local Government Tax Authority for the Federal, State and Local Government respectively.

Education Tax Fund ETF however, was established by Education Tax Act No. 7 of 1993 and amended by Act No. 40 of 22nd Dec. 1998. The Act imposes tax at the rate of 2 on the assessable profits of all incorporated bodies. The tax applies to all companies registered in Nigeria. These assessable profits of a company shall be ascertained in the manner specified in the companies Income Tax Act or the Petroleum Profits Tax Act as the case may be.

What necessitated the promulgation of this Education Tax Act was the widely recognized decline in Educational standards and the deep rot in infrastructure and other facilities at all levels of the Nigerian educational system.

From the primary to secondary and tertiary levels, it was obvious that there was urgent need for emergency funding to improve educational facilities and infrastructure, restore high morale of teachers, attract and retain qualitative entrants into the profession, encourage professionalism in teaching and improve teacher education curriculum. There was also the need to create an enabling environment for conducive teaching and learning and thus ensure the creation of a disciplined, committed, highly motivated, respected and professional teacher.

TABLE OF CONTENT

Cover page

Title page

Approval page

Dedication

Abstract

Acknowledgment

Table of content

CHAPTER ONE

1.0 Introduction

1.1 Background of the research

1.2Statement of research problem

1.3 Objectives of the study

1.4 Significance of the study

1.5Research question

1.6 Research Hypothesis

1.7Limitation of the study

CHAPTER TWO: LITERATURE REVIEW

2.0 Introduction

2.1Review of concept

2.2Review of related work

2.3Empirical studies

2.4Theoretical framework

2.5Summary of the review

CHAPTER THREE: RESEARCH METHODOLOGY

3.1Research method

3.2 Fact finding method

3.2Sources of Data

3.3Population of the study

3.4Sample and Sampling

3.5Research Instrument

3.6Reliability and Validity of Instrument

3.7Method of Investigation

3.8Method of Data Analysis

CHAPTER FOUR

Data presentation and analysis

4.1 Data presentation and Analysis

4.2 Discussion

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1Summary

5.2Conclusion

5.3 Recommendation

References

Bibliography