Section 3: Establishment of the Tertiary Education Trust Fund.

(1) There is established the Tertiary Education Trust Fund (in this Act refered to as the Fund") for the rehabilitation, restoration and consolidation of tertiary education in Nigeria which shall be managed by the Board of Trustees established under section 4 of this Act.
(2) The Fund-
(a) shall be a body corporate with perpetual succession and a common seal; and
(b) may sue and be sued in its corporate name.
(3) The Service shall pay the tax collected under this Act into the Fund and shall, when doing so, submit to the Fund, in such form as the Board of Trustees shall approve, a return showing-
(a) the name of the company making the payment;
(b) the amount collected;
(c) the assessable profit of the company for the accounting period; and
(d) such other information as may be required by the Fund for the proper administration of the tax.
(4) The Fund shall, before disbursement of the amount in the Fund, set aside in each year, an amount not exceeding 5 per cent of the total monies accruing to the fund in the preceding year which shall be applied-
(a) for the cost of administration and management of the Fund;
(b) for the maintenance of any property acquired by or vested in the Fund and generally to pay for services rendered to the Fund;
(c) for project monitoring;
(d) to meet all the needs of the Fund necessary for the due administration and implementation of the purpose of this Act.