TETFund Considers Halting Abroad Scholarships Amidst Forex Crisis

The Tertiary Education Trust Fund (TETFund) has voiced concerns over the recent monetary policy implemented by the Central Bank of Nigeria, which is affecting the payment of foreign scholarship tuition and stipends. Speaking at a Stakeholders’ Engagement event in Abuja, TETFund’s Executive Secretary, Sonny Echono, revealed that the fund’s allocation was insufficient to cover its Tertiary Scholarship for Academic Staff (TSAS) programs. As a result, the organization is considering suspending foreign scholarships and potentially increasing support for local scholarships. Issues like scholars not fulfilling their return-of-service bonds and absconding have further complicated the TSAS program.

To address the challenges faced by the fund, a stakeholders’ engagement was organized to seek solutions and ensure the smooth implementation of scholarship programs. Echono highlighted that TETFund had signed Memorandums of Understanding (MoUs) with prestigious overseas institutions in countries such as Malaysia, India, Brazil, France, and the United States. These collaborations aim to strengthen and improve the TSAS program in the future.