Education
Exchange Rate Crisis: TETFund to suspend foreign scholarship
Exchange Rate Crisis: TETFund to suspend foreign scholarship
The Tertiary Education Trust Fund (TETFund), on Tuesday, said it plans to suspend foreign scholarships for Nigerian students because of the current exchange rate crisis.
The Executive Secretary of TETFund, Sonny Echono said this on Tuesday when he appeared before the House of Representatives Ad-hoc committee investigating the alleged mismanagement of N2.3tn tertiary education tax by TETFund.
Echono also revealed that over 137 students sponsored abroad by the fund absconded.
He stressed that the scholars who were sponsored by TETFund for “higher education” abroad refused to return to the country after completing their programmes.
In his words, “Some of the scholars that have been sponsored, unpatriotically when they go, they enjoy our scholarship, acquire a higher degree, then refuse to come back, it has become a major crisis.
“The scholarship requires that you will come back. It is required that you have a guarantor and in many cases, the guarantor has suffered undue hardship because when you disappear, we hold the guarantor to pay all the money expended on your behalf but that has not been effective.”
He also revealed that TETFund is working with stakeholders for “stringent and effective measures” to be taken against those who refuse to return to the country for Nigerians to benefit from their expertise.
“We believe that in a system where we work with our embassies and the institutions, we can enforce the repayment for those who insist they will not come back,” he said, adding that if the scholars who don’t want to return to the country refuse to repay the money expended on their programmes, they will be declared persona non grata.
“We will write to the embassies and they will make it available to those countries and they will not be able to get jobs. They will be seen as fugitives of law from their countries.
“We may have to take that hard stand because the numbers are alarming. We just checked about 40 institutions and over 137 absconders and the review is ongoing.
“It is a huge number that we cannot afford and so we will be seeking your support to strengthen some of the existing regulations to ensure that those who benefit from this programme must come back.
“We are not against people looking for greener pastures but do so on your own, not through our scholarship or our sponsorship.”
Speaking on the plan to suspend foreign scholarship due to the exchange rate crisis, Echono said that some of the taxes are paid to TETFund in foreign currencies at the account domiciled with the Central Bank of Nigeria but when fees are to be paid for scholars abroad, the apex bank insists on TETFUND sourcing Forex by itself.
He said: “We operate a system where our forex is being sold on our behalf at an official rate and we apply like anybody else to get it, sometimes it leads to additional cost.
“Currently as I speak, we are in consultations with all our stakeholders to suspend foreign training for a year or two.
“This is because of the recent exchange rate adjustments. We are unable to continue based on our disbursement guidelines.
“The money we allocated in naira cannot cover the dollar requirement for training. For those who are currently there, we now need more naira to pay for the dollar that is required for their annual fees. We are trying to put a hold.”
According to Echono, most of TETFund’s training will now be done locally through “our experienced, first-generation universities and other specialised universities” in the country.
“This way we can retain our resources in-house and cope with the change of foreign exchange variation,” he added.
Echono, who also revealed the federal government was owning TETFund N371.3 billion out of which it has repaid N46 billion so far, denied the allegations that TETFund mismanaged the N2.3tn fund.
Exchange Rate Crisis: TETFund to suspend foreign scholarship
The Nigerian Education Loan Fund (NELFUND) has commenced the disbursement of upkeep payments to students who successfully updated their bank account details from digital wallets to commercial bank accounts.
This was announced in a statement released on Friday in Abuja by the Director of Strategic Communications of the Fund, Mrs. Oseyemi Oluwatuyi.
Oluwatuyi described the development as a significant breakthrough in addressing earlier disbursement delays.
“Over 3,600 students, who previously registered with digital-only banking platforms, have now successfully received their backlog of upkeep payments after updating their details to conventional commercial bank accounts on the NELFUND portal,” she stated.
“We appreciate the patience and understanding of all affected students during this period. Your resilience and cooperation have made this progress possible,” she added.
The NELFUND spokesperson advised students who have yet to update their bank details to raise a support ticket via the official NELFUND portal to request access for the update.
She further urged affected students to report through the IT office of their respective institutions, which would compile and forward all related cases to NELFUND for prompt resolution.
“NELFUND remains committed to ensuring that no eligible student is left behind. This resolution process is part of our broader effort to enhance the efficiency, transparency, and student-centered delivery of our support services,” she said.
Oluwatuyi encouraged students to continue engaging only through official NELFUND channels and to assist their peers who may need help navigating the update process.
She also provided contact options for inquiries, stating that the fund can be reached via email at info@nelf.gov.ng or through its official social media handles: X (formerly Twitter) @nelfund; Instagram @nelfund; and Facebook & LinkedIn: Nigerian Education Loan Fund – NELFUND.
The Nigerian Education Loan Fund (NELFUND) has issued a directive to all accredited tertiary institutions to verify and upload their students’ data on the newly digitised Student Loan Application System (SLAS).
This was disclosed in a statement released in Abuja on Wednesday by the Director of Strategic Communications at NELFUND, Mrs Oseyemi Oluwatuyi.
According to Oluwatuyi, the SLAS platform has been fully digitised to streamline and accelerate the student loan processing experience for both institutions and applicants.
“With this upgrade, all accredited institutions are now required to request access to SLAS to verify and upload student data related to loan applications,” she said.
She described the move as “a critical step that ensures the timely processing and disbursement of approved student loans.”
Institutions that have not yet been onboarded onto the system, she said, are advised to send an access request to registration@nelf.gov.ng without delay.
“Once granted access, institutions will be able to view a real-time dashboard of their students’ loan applications, verify submitted data, and track the status of each application,” Oluwatuyi explained.
She called on all institutions to take immediate action in the interest of their students, stressing that verification and data upload by institutions are mandatory steps before final approval and disbursement of loans can be completed.
On the students’ side, Oluwatuyi noted that if an application status currently shows “Verified,” it means the application has passed initial checks. However, final approval and disbursement depend on the institutions’ confirmation and data upload.
“Once this process is completed, your status will be updated to ‘Disbursed’ when the payment of your fees has been processed,” she added.
She also encouraged students to reach out to the fund for assistance via email at info@nelf.gov.ng.
Other official communication channels include:
-
X (formerly Twitter): @nelfund
-
Instagram: @nelfund
-
Facebook & LinkedIn: Nigerian Education Loan Fund – NELFUND
The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.
According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.
Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.
Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.
Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.
He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.
He said the session also empowers the NUC to accredit such programmes.
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
Facebook, Instagram Temporarily Allow Posts on Ukraine War Calling for Violence Against Invading Russians or Putin’s Death
Nigeria, Other West African Countries Facing Worst Food Crisis in 10 Years, Aid Groups Say
New York Consulate installs machines for 10-year passport
-
Headlines3 years ago
Facebook, Instagram Temporarily Allow Posts on Ukraine War Calling for Violence Against Invading Russians or Putin’s Death
-
Headlines3 years ago
Nigeria, Other West African Countries Facing Worst Food Crisis in 10 Years, Aid Groups Say
-
Foreign3 years ago
New York Consulate installs machines for 10-year passport
-
News10 months agoZero Trust Architecture in a Remote World: Securing the New Normal
-
Entertainment3 years agoPhyna emerges winner of Big Brother Naija Season 7
-
Headlines1 year agoNigeria Customs modernisation project to check extortion of traders
-
Economy1 year agoWe generated N30.2 bn revenue in three months – Kano NCS Comptroller
-
Headlines1 year agoPhilippines’ Vice President Sara Duterte resigns from Cabinet
