TETFund Addresses Challenges Faced by Scholars Amid Exchange Rate Fluctuations

The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Arc Sonny Echono, has addressed the challenges faced by TETFund-sponsored scholars during an oversight visit to the Fund by the House of Representatives Committee on Tertiary Education Trust Fund in Abuja.

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Addressing the Committee, Echono highlighted the impact of the high exchange rate, which had presented obstacles for TETFund-sponsored scholars. He noted that many scholars had requested additional funding due to the currency fluctuations, leading to a decline in the number of beneficiaries participating in the Fund's academic training programs in foreign institutions.

In response to these challenges, Echono outlined measures implemented by TETFund to address the situation effectively. He emphasized a shift in payment methodology, stating, "We now pay directly to the institution as part of our intervention. So CBN now transfers in bulk to different institutions for those scholars."

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Furthermore, Echono provided insights into the scale of TETFund's intervention efforts, revealing that 1500 scholars had been supported with a total expenditure of N3.8 billion. He underscored the importance of establishing a cut-off point to determine eligibility for the scholarship, ensuring that resources are allocated efficiently to those in need.