ITF Surpasses Projected N48.873bn Revenue in 2023
The Industrial Training Fund (ITF) has surpassed N48.873 billion in revenue projected for the 2023 fiscal year having raked in N51.344 billion as of the third quarter of the year.
The Fund’s Director of Finance and Accounts, Safiya Atta Mansoor who disclosed this stated that the training agency has projected N66.473 billion as revenue generation in 2024, N69. 744 billion in 2025 and N73.2 billion in 2026.
She spoke at the interface between the Director General of the Fund, Afiz Oluwatoyin Ogun and the Senate’s joint committees on Finance, Appropriation, National Planning, and Local and Foreign Debts on Tuesday at the National Assembly, Abuja.
Mansoor said N14 billion of the generated revenue was remitted into the consolidated Revenue Fund just as 50 per cent of the revenue was used for reimbursement of employers of labour.
ITF gets its funds from three sources including training funds, cost fees and other incomes and the revenue is expected to increase when the National Artisans Registration and Development Programme for the registration of artisans across the country and facilitating their operations corporately begins.
” Within my short stay in Nigeria, I observed that artisan jobs in the country have been taken over by Beninoises, Ghanaians and Togolese which should not be so because there is no job Nigerians cannot do.
He added that ITF is a big organisation with 16 Directors, two head offices, 41 Area Offices, five Skills and Training Centres, 14 Vocational Skills and Training Centres etc.
The joint committee looking into projections made by the executive for 2022 to 2026 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP), however, tasked the agency to direct its finance department to tidy up slight discrepancies observed in the reports submitted to it.
The observed discrepancies , as stated by the Chairman of the Committee, Senator Sani Musa ( APC Niger East ) , must be corrected this week before the committee submits its report to the Senate