Parliament has requested the Minister of Education to appear before the House to explain why about ?350 billion accrued into the Education Trust Fund has not been disbursed, despite students' agitation for increase in their loan scheme, reports The Daily Graphic.
This followed allegations that since the fund was established two years ago, the Value Added Tax (VAT) Service has not paid the amount, which, by law, ought to be lodged in the fund's account. The House also expressed concern about the lukewarm attitude of the fund's disbursement board in laying before Parliament a formula for disbursement at a time that academic facility user fee has gone up.
Mr Kosi Kedem, NDC member for Hohoe south, who introduced the topic in a statement on Thursday's sitting, said the major source of money for the fund is the two and-a-half per cent of the 12.5 VAT rate.
Mr Kedem said it was estimated that in the year 2000, VAT alone was to contribute ?200 billion to the fund and that a further ?150 billion is expected to have been accumulated within the first six months of this year, bringing the total to ?350 billion as at now.
He express surprise that such an impoverished and under- funded ministry should have such a sum "sitting comfortably somewhere, which is not being used and, in fact, cannot be used", because the board of the trust has not submitted a formula for disbursement for approval by Parliament. The member was also doubtful whether the VAT Service has also complied with the requirement to pay monies into the trust account within 30 days of receipt of VAT revenue as stipulated by law.
