The Tertiary Education Trust Fund (TETFund) was originally established as Education Trust Fund (ETF) by the Act No 7 of 1993 as amended by Act No 40 of 1998 (now repealed and replaced with Tertiary Education Trust Fund (Establishment, Etc.) Act No. 16 of 2011). It is an intervention agency set up to provide supplementary support to all levels of public tertiary institutions with the main objective of using funding alongside project management for the rehabilitation, restoration and consolidation of Tertiary Education in Nigeria. The main source of income available to the Fund is the 2 percent education tax paid from the assessable profit of companies registered in Nigeria. However, the Tax was reviewed upwards to 2.5 percent by the Finance Act 2021 and further increased to 3 percent by the Finance Act 2023, effective September 2023. The funds are disbursed for the general improvement of education in federal and state tertiary education institutions specifically for the provision or maintenance of: Essential Physical Infrastructure for teaching and learning; Instructional material and equipment; Research and Publications; Academic Staff Training and Development; and Any other need which, in the opinion of the Board of Trustees, is critical and essential for the improvement and maintenance of standards in the higher educational institutions.