Lecturers studying abroad on TETFund grants seek bailout amid forex fluctuations

The Tertiary Education Trust Fund (TETFund) says it has proposed an increase in the rates of living expenses for scholars undertaking programmes abroad due to the decline in the value of the naira.

According to a statement by Abdulmumin Oniyangi, acting director of public affairs at TETFund, the agency said the shortfalls in living expenses of the scholars are currently being computed.

The scholars had recently appealed for bailouts from TETFund to complete their academic programmes due to fluctuations in the foreign exchange (forex).

The fund said it received appeals from grantees in Malaysia, India, and Kenya, requesting intervention to enable them to complete their studies.

“The Tertiary Education Trust Fund (TETFund) wishes to address recent concerns raised by some stakeholders over the plight of some Nigerian lecturers studying in foreign institutions under the TETFund Scholarship for Academic Staff (TSAS) programme, who are requesting for bailout by the Fund to cater for shortfalls in their living expenses occasioned by fluctuations in Foreign Exchange,” the statement reads.

“The Fund specifically notes appeals from scholars in Malaysia, India and Kenya, some of whom have written to the Honourable Minister of Education and the Fund, requesting for intervention to enable them to complete their studies in their respective institutions.

“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.”

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

Oniyangi said the exercise is ongoing and appealed to affected scholars to be patient while the computations are completed and approvals are obtained.

“To douse the apprehension of affected scholars, the Executive Secretary of TETFund held a virtual meeting with the affected scholars and Management decisions towards resolving the impasse have been communicated accordingly,” he added.