The Industrial Training Fund (I.T.F.) was set up to establish a fund to promote and encourage training and skill acquisition.
Every employer with 5 or more employees, or with an annual turnover of N50, 000,000.00 is expected, by the 1st of April every year to contribute 1% of the amount on its annual payroll to the fund. As expected, non-compliance can attract monetary penalties and imprisonment.
ITF is one of the lesser known bodies in Nigeria, especially for new Companies. However, there have been many cases where the I.T.F. has successfully sued Companies for non – compliance, and won the lawsuit, with such Companies being required to pay hefty sums of money.
Arguments continue to rage on the ineffectiveness and lack of relevance of the ITF, as well as the ITF contributions being in effect a payroll tax; but until legislative action is carried out in this regard, contribution to the fund is a legal requirement for Nigerian employers.
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