Forex: Nigerian lecturers on foreign scholarship seek TETFund bailout

Some Nigerian lecturers studying in foreign institutions under the Tertiary Education Trust Fund (TETFund) Scholarship for Academic Staff (TSAS) have appealed to the Fund for a bailout to cater for shortfalls in their living expenses occasioned by fluctuations in Foreign Exchange.

Confirming the development, the TETFund said it specifically noted appeals from scholars in Malaysia, India and Kenya, saying some of them had also written to the Minister of Education and the Fund, requesting for intervention to enable them to complete their studies in their respective institutions.

Acting Director, Public Affairs, TETFund, Abdulmumin Oniyangi, in a statement on Thursday, said the Executive Secretary of TETFund, Arc. Sonny Echono has pledged to address recent concerns raised by some stakeholders over the plight of some Nigerian lecturers studying in foreign institutions under the Fund’s scholarship.

He said: “It is instructive to note that upon the introduction of the TSAS programme in 2008, full tuition and living expenses of scholars were disbursed directly by TETFund to their employers i.e. the Fund’s Beneficiary Institutions, who were expected as part of TETFund guidelines to warehouse approved training cost in respect of foreign scholarship in domiciliary accounts; and then disburse tuition to approved foreign institutions of study and living expenses into scholars’ foreign accounts upon receipt of progress report on academic standing.

“However, due to complaints by numerous scholars and certain observations on non-compliance to stipulated guidelines by Beneficiary Institutions, the mode of disbursement was reviewed in August 2019.

“With the review, TETFund commenced direct payment of tuition to foreign training institutions to mitigate the issue of exchange rate fluctuations, while disbursement of living expenses was still made to Beneficiary Institutions for retention in domiciliary accounts before transfer to scholars, as a way of protecting the scholarship bond signed with their employers.

“Based on the foregoing, TETFund has been up to date in tuition payment to the training institutions of all affected scholars and indeed other institutions where TETFund scholars undergo various programmes.

“It is pertinent to state that despite the requirement of operating domiciliary accounts for living expenses of foreign scholars, some Beneficiary Institutions still kept such funds in local currency,” Oniyangi stated.

According to him, because of non-compliance to this requirement, scholars are often cut up on the volatility of foreign exchange arising from the practice of keeping their stipends in local currency.

He noted that in order to address this anomaly, TETFund had with effect from 2022, commenced payment of living expenses directly to scholars after the first year until the end of the programme, with the burden of exchange rate variation borne by the Fund.

Oniyangi added that TETFund had also signed a Memoranda of Understanding with some foreign institutions to safeguard its scholars and ensure seamless academic activities.

He said while it was regrettable that scholars from beneficiary institutions that failed to open domiciliary accounts were most affected by the current impasse, the Fund has taken a position not to punish the scholars for non-compliance by their home institutions.

“Accordingly, the shortfalls in living expenses of the scholars are currently being computed by the Fund. This will be paid directly to eligible scholars and recovered from subsequent allocations of affected Beneficiary Institutions.

“Furthermore, given the steady rise in the cost of living index in these foreign countries, the Management of TETFund has also proposed an increase in the rates of living expenses to scholars with effect from the 2023/2024 Academic year.

“This exercise is ongoing and we appeal to affected scholars to be patient as we conclude individual computations and obtain necessary approvals for the extra-budgetary expenditure,” he said.

He further explained that in order to douse the apprehension of affected scholars, the Executive Secretary of TETFund, Echono, held a virtual meeting with the affected scholars and Management decisions towards resolving the impasse have been communicated accordingly.

“We sincerely express our deep appreciation to our stakeholders, including the media who have shown concern over the issue and seize this opportunity to reassure all that President Bola Ahmed Tinubu is empathic to the plight of our scholars and directed a speedy resolution of the matter.

“The Fund is also committed to implementing the Academic Staff Training programme with a deep sense of responsibility, transparency and accountability,” Oniyangi stated.

READ ALSO FROM NIGERIAN TRIBUNE 

• NLC, TUC declare indefinite strike action October 3

• Mohbad was brought in dead — Lagos hospital breaks silence

• Alleged misconduct: Court stops impeachment of Ondo deputy governor

• PRESSTIME PODCAST: The Graphics Designer Episode

• Abducted Zamfara Students: We’re not negotiating with terrorists — FG 

• VIDEO: Untold story of out-of-school kids in Ibadan

• EDITORIAL: Citizen Misbahu Salisu and his murdered baby girl