The Executive Secretary of the Tertiary Education Trust Fund (TETFund) revealed that over 137 students sponsored abroad by the fund for higher education have absconded, refusing to return to Nigeria after completing their programs. This has become a significant crisis as the scholars are required to come back to the country after their studies and have a guarantor who will be held responsible for repaying the funds if they do not return.
TETFund is now working with various stakeholders to implement stringent and effective measures against those who refuse to come back to Nigeria, ensuring that the country benefits from their expertise. One of the proposed measures is to enforce repayment for those who do not return, and if they fail to comply, they will be declared persona non grata. This would lead to embassies being informed, making it difficult for them to find jobs in their host countries.
Due to the exchange rate crisis, TETFund is also considering suspending foreign scholarships. The taxes paid to TETFund in foreign currencies are causing difficulties when it comes to paying for scholars’ fees abroad, as the Central Bank of Nigeria requires TETFund to source Forex independently.
As a result of the exchange rate situation, TETFund plans to focus more on local training within experienced universities in Nigeria to retain resources and cope with foreign exchange variations. The federal government owes TETFund N371.3 billion, of which only N46 billion has been repaid so far.
The allegations of mismanagement of the N2.3tn fund by TETFund were denied by the Executive Secretary.
