TETFund Considers Suspending Foreign Scholarship Programmes Amid Forex Crisis

The persistent volatility in the forex market, particularly the fluctuating exchange rate between the Dollar and the Naira, is casting a shadow over the tertiary education system in Nigeria.

This uncertainty could lead to the suspension of foreign scholarship programmes by the Tertiary Education Trust Fund (TETFund), as highlighted by Sonny Echono, the Executive Secretary of the Fund.

During a “One-Day Stakeholders Engagement on Emerging Issues with the TETFund Intervention” held in Abuja, Echono expressed concern over the Central Bank of Nigeria’s monetary policy and its impact on settling tuition fees for foreign scholars.

He revealed that the instability had created significant challenges in maintaining the TETFund’s foreign scholarship initiatives.

Echono explained that the fund’s allocation was barely sufficient to cover the existing programmes under its Tertiary Scholarship for Academic Staff (TSAS).

As a result, the possibility of suspending foreign scholarships was being considered, along with the potential for an upward revision of local scholarships.

Beyond the forex-related challenges, Echono also lamented the issue of scholars failing to return after receiving sponsorship from the fund. This trend of absconding was undermining the TSAS programme, leading to increased scrutiny and complications.

“The challenge of scholars absconding has undermined and complicated the TSAS programme and brought it under intense scrutiny. It is for these and other reasons that this engagement was organized. We need to address these challenges and find solutions to ensure the effective and smooth implementation of our scholarship Programmes,” he stated.

Echono revealed that TETFund had recently signed Memoranda of Understanding (MoUs) with prestigious overseas institutions, including universities in Malaysia, India, Brazil, France, and the United States. These agreements aimed to enhance the TSAS programme’s effectiveness in the future.

In light of the evolving funding landscape, Chris Maiyaki, the Acting Executive Secretary of the National Universities Commission (NUC), emphasized the importance of developing new strategies while maintaining the quality and sensitivity of funding dynamics.

As discussions around the challenges and possible solutions unfolded, Princess Miriam Onuoha, Chairman of the House Committee on TETFund, highlighted the need for inclusivity, particularly with regards to Persons Living With Disabilities (PLWD), in the provision of essential infrastructure within tertiary institutions.