The Tertiary Education Trust Fund (TETFUND) was established by an Act of the National Assembly in June 2011. The Act replaced the Education Tax Fund Act Cap. E4 Laws of the Federation of Nigeria 2004 and Education Tax Fund (Amendment) Act No 17, 2003. The Fund was set up to administer and disburse education tax collections to the Federal and State tertiary educational institutions in Nigeria. The main source of income available to the Fund is the 2% education tax paid from the assessable profit of companies registered in Nigeria. The levies are collected by the Federal Inland Revenue Service (FIRS). 
Areas for Intervention 
Beneficiaries of the Fund are required to apply the money for the underlisted: 
a) Provision of essential physical infrastructure for teaching and learning 
b) Provision of Instructional materials and equipment 
c) Research, Book Development and Publication (Journals, et al.) 
d) Academic Staff Training and Development 
e) Any other need, which in the opinion of the Board of Trustees is critical and essential for the improvement of quality and maintenance of standards in the educational institutions. 
The Board of Trustees (BOT) of the Fund is statutorily charged with the responsibility of the administration, management and disbursements of these funds to beneficiaries in the public tertiary educational institutions under established guidelines. 
Ratio of Distribution to Beneficiaries 
The enabling Act establishing the Fund prescribes the distribution of the funds in the ratio 2:1:1 respectively to Universities, Polytechnics and Colleges of Education (COEs). The Act provides that fairness and equality should be ensured in the distribution of the funds to the beneficiary institutions.
University of Ibadan has consistently benefitted from all the listed areas of intervention of the fund.