The Tertiary Education Trust Fund (TETFund) has revealed it spent N3.8 billion to help 1,500 Nigerian scholars studying abroad. This financial aid aims to ease the impact of the current exchange rate of the Naira, which has made it difficult for students sponsored under TETFund‘s program.
Arc Sonny Echono, TETFund’s Executive Secretary, shared this during a visit by the House of Representatives Committee on TETFund in Abuja. He explained that many scholars faced financial challenges due to the high exchange rate. This led to fewer students benefiting from TETFund’s program and requests for more funding.
Echono mentioned improvements in how funds are sent. TETFund now directly transfers money to the scholars’ schools, working with the Central Bank of Nigeria (CBN). This change ensures quicker and more reliable financial support, solving past issues with payments.
“We’ve allocated N3.8 billion to support 1,500 scholars. This helps us keep supporting eligible students despite economic changes,” Echono said.
Echono thanked the committee for their support and highlighted TETFund’s projects. He mentioned the increase in education tax collection from 2.5% to 3%. He also shared how much money was collected each year, showing more funds available for important educational projects.
Committee Chair Rep. Miriam Onuoha praised TETFund for helping education as planned. She worried that money meant for schools wasn’t reaching them. She asked government groups and state leaders to make sure schools get the money they need from TETFund.
The visit aimed to check how TETFund did with the money in 2022–2023. The committee wants to be sure TETFund uses money well to help Nigerian education grow.
