By Kebba AF Touray
The National Assembly has passed the Tertiary Trust Fund Bill, 2023, a landmark piece of legislation that establishes a dedicated fund for financing public tertiary and higher education institutions in The Gambia — and notably exempts it from paying any form of tax.
The tax exemption is explicitly provided in Clause 25 of the bill, which states: “The fund is exempt from payment of any form of tax.” The move is seen as a critical step in ensuring that the fund retains the maximum resources available to fulfill its mandate.
Beyond the tax provision, the bill lays out a comprehensive framework for financial oversight, governance, and disbursement. Under Clause 26, the Board of Trustees is required to submit an annual report to the Minister of Higher Education within three months of receiving its audited accounts. The report must include the external auditor’s findings and provide a detailed account of the fund’s operations for the preceding year.
The Minister is, in turn, required to submit the report to the National Assembly within one month, accompanied by any comments or recommendations. Additionally, the board must comply with any further reporting requirements requested in writing by the Minister.
Clause 19 addresses the auditing process, mandating that the fund be audited annually by an external auditor appointed by the Auditor General. The audit is to be presented to the National Assembly by both the fund’s Administrative Head and the Chairperson of the Board of Trustees.
In terms of financing, Clause 20 outlines how grants will be disbursed to eligible institutions, with the Board of Trustees determining the proportions. Clause 21 details the sources of income for the fund, which include:
- At least ten percent of the prevailing rate of the Value Added Tax (VAT), to be transferred to the fund by the Ministry of Finance and Economic Affairs in consultation with the Gambia Revenue Authority;
- Ten percent of the Petroleum Levy and five percent of the International Gateway Levy, both subject to determination by the National Assembly;
- Additional funds allocated by the National Assembly, as well as grants, donations, gifts, and voluntary contributions.
The bill is intended to provide a reliable and sustainable financing model for the country’s tertiary institutions, enabling them to deliver on their educational and training mandates more effectively.
With parliamentary approval secured, the bill now awaits presidential assent before it can be enacted into law.
