By John Ikani
The Tertiary Education Trust Fund (TETFUND) is currently engaged in consultations to potentially suspend foreign scholarships owing to the continuous rise in the exchange rate.
Sonny Echono, the executive secretary of TETFUND, revealed this during a public hearing organized by a House of Representatives ad hoc committee to investigate alleged missing funds amounting to N2.3 trillion within TETFUND between 2011 and the present.
Echono explained that the funds generated through taxes by the Federal Inland Revenue Service (FIRS) are channelled into TETFUND’s account, which is held at the Central Bank of Nigeria.
He expressed concern that although certain taxes were received in foreign currencies by the CBN, the central bank failed to provide TETFUND with the required foreign exchange to pay for scholarship fees.
“We are currently in consultations with all our stakeholders to consider suspending foreign training for a period of one to two years. This decision is primarily due to recent adjustments in the exchange rate. Based on our disbursement guidelines, the allocated funds in naira are insufficient to cover the dollar requirements for training,” said Echono.
He further added, “For those currently undertaking foreign scholarships, we now require additional naira to meet the dollar demands of their annual fees.”
Echono emphasized that TETFUND had identified specific courses in Nigerian universities that possess the necessary competence and quality faculty to offer such programs.
The fund had previously decided that only limited courses, where domestic institutions lacked the capacity, would be eligible for foreign sponsorship.
In order to retain revenue and mitigate the impact of exchange rate fluctuations, Echono announced that most training programs would be conducted locally through established, reputable universities in Nigeria, including first-generation and specialized institutions.
However, Echono acknowledged that a significant number of sponsored scholars—137 in total—had absconded from 40 institutions abroad.
He admitted that some individuals refused to return to Nigeria after completing their studies overseas.
“While scholars are required to commit to returning, having a guarantor who assumes responsibility, we have observed cases where the guarantors have faced undue hardship. When a scholar disappears, we hold the guarantor accountable for reimbursing the funds expended on their behalf, but this has proven ineffective,” lamented Echono.
He proposed a revised approach, suggesting collaboration with Nigerian embassies and institutions to enforce repayment for those who refuse to return.
Noncompliant individuals would be deemed persona non grata, with communication sent to embassies and their home countries.
Consequently, they would encounter challenges securing employment and would be regarded as fugitives of the law.
Echono called for a review of existing regulations to ensure that beneficiaries of TETFUND programs honour their commitment to return to Nigeria.
“While we support individuals seeking better opportunities elsewhere, they should pursue them independently, without relying on our scholarships or sponsorships,” he emphasized.
