Revenue projections for the Industrial Training Fund (ITF) are as follows: N66.473 billion in 2024; N69.744 billion in 2025; and N73.2 billion in 2026.
The agency is confident in its ability to generate the income, since it has already collected N51.344 billion at the end of the third quarter of the 2023 fiscal year, surpassing the N48.873 billion revenue forecast for the year.
On Tuesday in the National Assembly in Abuja, the Fund’s Director General, Dr. Afiz Oluwatoyin Ogun, presented arguments to this effect to the Senate’s joint committees on Finance, Appropriation, National Planning, Local and Foreign Debts.
The Director of Finance and Accounts, Hajia Safiya Atta Mansoor, submitted the figures on behalf of the ITF’s leader, who said that N14 billion had been sent to the Consolidated Revenue Fund and that N50 billion had been used to reimburse employers for wages.
She claims that ITF receives money from three different places: training grants, cost fees, and other sources.
The ITF DG told the committee that the registration of craftsmen across the country and the facilitation of their corporate operations would soon be implemented as part of the National craftsmen Registration and Development Programme, which would increase revenue generation for the agency.
I was only in Nigeria for a brief time, yet even in that time I saw Beninese, Ghanaians, and Togolese taking over artisan positions that rightfully belong to Nigerians.
“To stem the tide, ITF under my leadership, would soon put in place the National Artisans Registration and Development Programme to register our artisans and position them for jobs due to them,” he stated.
He went on to say that ITF is a sizable organization with 16 directors, two headquarters, 41 regional offices, five training centers, and fourteen vocational training centers.
The agency was given the responsibility of instructing its finance department to straighten out minor anomalies detected in the reports produced by the joint committee investigating the executive’s predictions for the 2022-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Senator Sani Musa, the committee’s chairman, has emphasized that the anomalies he has noticed must be fixed this week before the committee can present its findings to the Senate.
Mismob Media