Industrial Training Fund (ITF) has said it surpassed N48.873 billion revenue projected for 2023 fiscal year by generating N51.344 billion as at the third quarter of the year, with a projection of N66.473 billion for the 2024 fiscal year.
The agency also said it had projected N69.744 billion in 2025 and N73.2 billion in 2026.
The director-general of the Fund, Dr Afiz Oluwatoyin Ogun, disclosed this at an interface with the Senate Joint Committees on Finance, Appropriation, National Planning, Local and Foreign Debts at the National Assembly, Abuja.
The ITF boss who made the submissions through the director of Finance and Accounts, Hajia Safiya Atta Mansoor, said out of the generated revenue, N14 billion had been remitted into the Consolidated Revenue Fund just as 50 per cent of the revenue, used for reimbursement of employers of labour.
According to her, ITF’s three sources of revenue are training funds, cost fees, and other income.
In beefing up revenue generation for the agency, the DG, informed the committee members that the National Artisans Registration and Development Programme would soon be put in place for registration of artisans across the country and facilitating their operations corporately.
“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.
“To stem the tide, ITF under my leadership, would soon put in place, National Artisans Registration and Development Programme to register our artisans and position them for jobs due to them,” he said.
He added that ITF is a big organisation with 16 Directors, two head offices, 41 Area Offices, 5 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.