TETFund Allocates N3.8 Billion to Support 1,500 Stranded Nigerian Scholars Abroad

The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Arc Sonny Echono, has revealed that the Nigerian government, through TETFund, has allocated N3.8 billion to support 1,500 stranded Nigerian scholars abroad in recent years. This disclosure was made during an oversight visit by the House of Representatives Committee on TETFund and other services to the Fund's headquarters in Abuja.

Echono explained that the high exchange rate posed challenges for TETFund-sponsored scholars, leading many to request additional funding. Consequently, the N3.8 billion bailout fund was provided to alleviate the impact of the current exchange rate of the naira.

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He further mentioned that the exchange rate challenges had resulted in a decrease in the number of beneficiaries of the Fund's academic training program in foreign institutions. However, TETFund now pays directly to the institutions, addressing concerns over the payment system.

The Chairman of the House Committee, Miriam Onuoha, commended Echono for his diligent execution of projects and interventions in line with TETFund's mandate. She emphasized the committee's responsibility to ensure the judicious use of allocations made to TETFund. Onuoha also expressed concern about funds allocated to tertiary institutions not being accessed by the intended recipients, urging relevant government bodies and state governors to ensure compliance with TETFund guidelines.

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The oversight visit aimed to assess TETFund's performance in the 2022–2023 budget cycle and ensure alignment with budgetary provisions.