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TETFund Seeks Increased Annual Research Funding of $1bn
The Tertiary Education Trust Fund, TETFund, Thursday, urged the federal to increase its yearly funding for Research and Development (R&D) to $1 billion. This was as it hailed President Muhammadu Buhari for his recent increase of the research grant from N5 billion to N7.5 billion.
Prof. Suleiman Bogoro, executive secretary of TETFund, speaking at the inauguration of TETFund’s R&D Standing Committee in Abuja, said massive investment in research would bring about the much-needed development in the country.
Bogoro also said it was time for the promulgation of a law that will bring into full place what he referred to as the “National R&D Foundation (NRDF)” to deepen research in the country.
Hear him:”To galvanize our vision towards making R&D the ace and game changer in our national development agenda, the need for an appropriate law to support the establishment of a National R&D Foundation (NRDF) cannot be overstated.
“We need a robust institutional framework and arrangement for the NRDF. I am recommending a minimum annual budgetary threshold of 1billion dollars as the funding portfolio for this Foundation.
“When we consider the inevitable benefits of R&D and the inevitable benefits of R&D and the socio-economic challenges in Nigeria, this amount begins to look like a drop of water in the ocean-population of 200 million people in 2020 and projected to become double in 10 years for now.”
Prof. Bogoro, who said the TETFund’s R&D Standing Committee is expected to come up with its own recommendation on the required amount that is suitable for efficient research activities in the country, called for a robust collaboration between researchers and the private sector to bring about all-round development in the country.
“It is envisaged that the private sector of the economy should pick the gauntlet to steamroll the lofty initiative by taking ownership of it,” he said.
Prof. Bogoro lauded the recent performance of Nigerian universities in the world’s ranking, saying TETFund intervention projects have continued to encourage such feats.
On his side, Minister of Education, Malam Adamu Adamu, while inaugurating the committee, called on members to put their best to the work he described as ‘national assignment.’
Represented by the Minister of State for Education, Hon. Chukuemeka Nwajuiba, Adamu said that continued investment in research would herald a rebirth of Nigeria.
“Nigeria voted us into power predicated on our being able to transform our national aspirations and make them a national achievement.
“It is in recognition of this direction that the Executive Secretary, TETFund, presented his vision of a research-driven nation and how to finance that ambition through the Board of Trustees (BOT).
“To a large extent, Nigeria’s future depends on you. You have been summoned to a national service that is not available to the rest of the 200 million population. It is a national calling that requires almost all of you,” he said.
On his part, the Chairman, House Committee on Tertiary Education and Services, Hon. Aminu Suleiman said the work of the committee would open the windows of opportunities to tackle various developmental challenges confronting the country.
Suleiman, represented by Hon. Ikenna Elezieanya, lamented the way Nigeria has shown less concern to research, saying that many developed countries invested in research and development and thus helped to improve on their economy.
He said, “Research is the gateway of innovation. It is said that while countries like the USA, Korea, and the like have been investing in research and development, we seem to show less concern.”
He encouraged beneficiaries to take good advantage of the initiative to solve problems for the betterment of the country.
Responding, the Chairman of the over 160-member TETFund’s R & D Committee, Prof. Njidda M. Gadzama, said the epoch-making event will transform the socio-economic sector by ensuring the robust promotion of cutting-edge innovations.
“We promise to carry out our assignment with commitment and diligence and this will result in the R & D Culture and R&D Foundation to drive industrialization of the country,” he said.
The standing committee whose membership is drawn from the academic, industry, and private sector, has the President of the Manufacturers Association of Nigeria, MAN, Mansur Ahmed, as one of the three Vice Presidents.
Guinness Nigeria has launched a nationwide National Consumer Promotion (NCP) tagged ‘Open For More’. This is a consumer rewards initiative that will see more than ₦400 million in cash and prizes won by consumers across the country.
The promotion, which runs nationwide, offers consumers the opportunity to win ₦1 million every day, ₦100,000 cash rewards for 1,000 winners, and a brand-new Toyota Land Cruiser Prado as the grand prize. The campaign is designed to reward loyal consumers while creating more opportunities for everyday Nigerians to celebrate life’s meaningful moments.
To participate, consumers are required to purchase specially marked bottles of Guinness Foreign Extra Stout or Guinness Smooth, check for the unique code beneath the crown cork, and enter the code at www.guinnessng.com/1759 for a chance to win.
Speaking on the launch, Ramanathan Solayappan, Marketing and Innovations Director, Guinness Nigeria, said the promotion reflects the brand’s longstanding relationship with consumers and its commitment to creating memorable experiences beyond the product itself.
“Nigerians have made Guinness part of their celebrations, milestones, and everyday moments for over seven decades. The ‘Open For More’ promotion is our way of rewarding that loyalty by giving consumers genuine opportunities to win prizes that can make a meaningful difference in their lives.”
Solayappan added that the promotion was deliberately designed to make participation simple and accessible to consumers across the country.
“We believe, at Guinness, that there is always room for more possibilities, more progress, and more reasons to celebrate. Through this campaign, we are inviting consumers and beloved Nigerians over the age of 18 years to take part in an experience that goes beyond enjoying a Guinness. Every eligible purchase could open the door to something more.”
Beyond rewarding consumers, the promotion comes at a time when many Nigerians are placing greater value on opportunities that offer tangible returns. By putting more than ₦400 million in cash and prizes directly into the hands of consumers, Guinness Nigeria is creating a campaign that celebrates loyalty and delivers meaningful rewards that can support personal aspirations, family needs, and everyday goals.
As part of the campaign, winners will emerge weekly throughout the promotion period, with regular winner announcements and prize presentations aimed at ensuring transparency and public confidence in the process.
The Open For More National Consumer Promotion strengthens Guinness Nigeria’s commitment to rewarding consumers while creating excitement around the brand through meaningful and impactful experiences. Consumers are encouraged to look out for specially marked promotional packs and follow Guinness Nigeria’s official communication channels for updates, winner announcements, and further information on participation mechanics.
Bashir Adeniyi, Comptroller-General of the Nigeria Customs Service (NCS), has disclosed that the value of Import Duty Exemption Certificate (IDEC) approvals granted by the Federal Government rose to about N34 trillion in 2025.
Adeniyi made the disclosure on Monday during an investigative hearing of the Senate Committee on Finance in Abuja.
He said the import duty exemptions had significantly affected the service’s revenue generation, although many of the waivers were introduced to support critical national priorities.
According to him, about 60 per cent of the approved waivers were granted for the importation of military hardware in response to the country’s security challenges.
He said other beneficiaries included importers of compressed natural gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery, manufacturing inputs and food intervention programmes.
“IDEC approvals reached about N34 trillion in 2025, about 60 per cent of which was rightly granted for military hardware procurements due to Nigeria’s prevailing security challenges,” Adeniyi said.
The Comptroller-General noted that the introduction of the IDEC scheme in March 2020 had remained one of the major fiscal policies affecting Customs revenue.
He said the service would have generated significantly higher revenue over the years if not for government fiscal measures and other external factors that reduced its revenue base.
Adeniyi, however, maintained that fiscal policy should not be evaluated solely on the basis of revenue generation.
He said government interventions through duty waivers were intended to stimulate economic growth, improve healthcare delivery, encourage industrial production and address national security concerns.
He urged the Federal Government to strengthen monitoring mechanisms to ensure that beneficiaries of import duty waivers achieved the intended objectives, including reducing prices, increasing production and improving access to essential goods and services.
The Customs boss also disclosed that the service generated N7.28 trillion in revenue in 2025.
He added that out of the N11.04 trillion revenue target for 2026, the service had realised N4.5 trillion as of June 30.
Adeniyi expressed optimism that the service would continue implementing measures aimed at improving revenue collection while supporting government fiscal policies.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
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