The instability in the forex market, with the fluctuating exchange rate between the Dollar and the Naira, is negatively impacting the tertiary education system. This may result in the Tertiary Education Trust Fund (TETFund) suspending its foreign scholarship programs in the near future
Sonny Echono, the Executive Secretary of the Fund, made this announcement on Wednesday during a “One-Day Stakeholders Engagement on Emerging Issues with the TETFund Intervention” in Abuja.
He expressed concern about the Central Bank of Nigeria’s monetary policy and the volatility in the forex system, which has made it challenging to settle tuition fees for foreign scholars.
Echono stated that due to insufficient funds for the Tertiary Scholarship for Academic Staff (TSAS), the Fund is considering the suspension of foreign scholarships while also contemplating an increase in local scholarships.
In addition to the forex challenges, Echono also expressed frustration over scholars absconding after being sponsored by the Fund. This situation undermines and complicates the TSAS program, bringing it under intense scrutiny.
“At this time, the Fund is also discouraging beneficiary institutions from initiating new Benchwork programs,” Echono added.
He further mentioned that scholars not fulfilling their bond agreements and failing to return to serve their home institutions upon completing their programs is another challenge faced by the Fund.
“The issue of scholars absconding has undermined and complicated the TSAS program, necessitating this engagement. We need to address these challenges and find solutions to ensure the effective and smooth implementation of our scholarship programs,” Echono emphasized.
Echono revealed that the Fund has recently signed various Memoranda of Understanding (MoUs) with prestigious overseas institutions, including universities in Malaysia, India, Brazil, France, and the United States. The aim is to enhance and strengthen the TSAS program in the future.
“In order to improve the effectiveness of the National Research Fund (NRF), the National Research Fund Screening and Monitoring Committee (NRFS&MC) was established to evaluate and select proposals for funding from institutions and researchers across the country,” he explained.
He also mentioned the establishment of the standing Technical Advisory Group (TAG) committee in 2009, which works with the Fund to develop a strategic document that outlines the administrative procedures, framework, and guidelines for the utilization of TETFund Higher Education Book Development Intervention Funds.
Furthermore, Chris Maiyaki, the Acting Executive Secretary of the National Universities Commission (NUC), emphasized the need for new funding strategies that take into account the evolving challenges in the tertiary education system.
Maiyaki advised the Fund to enhance its monitoring efforts for quality assurance, ensuring a better return on investment for its projects.
Meanwhile, Princess Miriam Onuoha, the Chairperson of the House Committee on TETFund, emphasized the importance of inclusive infrastructure development in tertiary institutions, particularly for Persons Living With Disabilities (PLWD).