The Tertiary Education Trust Fund (TETFund) has spent approximately N3.8 billion on 1,500 Nigerian scholars studying abroad under its academic training program.
This bailout fund aims to mitigate the effects of the current exchange rate of the Naira. The Executive Secretary of TETFund, Arc Sonny Echono, made this announcement during an oversight visit by the House of Representatives Committee on Tertiary Education Trust Fund in Abuja.
Echono explained that the high exchange rate has caused challenges for TETFund-sponsored scholars, with many requesting additional funding. This has led to a decline in the number of beneficiaries of the Fund's academic training program in foreign institutions.
He noted that the remittances process for scholars in the past was not efficient, but TETFund has now implemented a direct payment system to institutions, ensuring that scholars receive their funds promptly.
TETFund has identified a cut-off point for eligible scholars and has taken care of 1,500 scholars with a total expenditure of N3.8 billion.
Echono commended the Honourable Miriam Onuoha-led Reps' Committee for its support, which has led to an increase in education tax collection from 2.5% to 3%. The collection of education tax has risen from N257 billion in 2020 to N725 billion in 2023.
Echono also highlighted various projects and interventions of TETFund that are making a positive impact in the country. He praised the committee for its efforts in ensuring that TETFund's funds are used judiciously.
The chairman of the committee, Rep. Miriam Onuoha, expressed concern about the situation where funds meant for tertiary institutions are not accessed by those they were meant for.
She urged relevant government bodies and state governors to use their authority to ensure that heads of institutions comply with TETFund on accessing their funds.
