TETFund Grants N3.8bn Bailout To Stranded Nigerian Scholars

The federal government has disclosed that it has expended the sum of N3.8 billion on the stranded Nigerian scholars abroad in recent years.

The executive eecretary, Tertiary Education Trust Fund (TETfund), Arch. Sonny Echono stated this on Thursday in Abuja when he received the House of Representatives Committee on TETFund and other Services is who were on an oversight visit to the Fund.

“We have taken care of 1500 scholars with a total of N3.8 billion extended. We identify a cut-off point for those who will be eligible for the scholarship.”

On the purported delayed payment of the scholarship, Echono explained that due wake of forex increase, a lot of scholars from all over the world, UK, Malaysia and other cried out as it were and the petitions went to National Assembly,Villa, Ministry of Education and even to TETFund.

“We were happy that the response was very positive and that was why we were able to secure the President’s approval and do what we called the bail out or assistance. We did observe that part of the challenge”, he said.

“In the past, each time we sppri the funding for the institutions, we send money directly to the schools and it is the responsibility of the institutions to now remit to the students. However, for illegitimate and legitimate reasons, many of the institutions came back to us and complain that it takes a whole lot of time to process the transfer s to central bank”, he added.

The Executive Secretary, commended the Onuoha led committee for intervening in the payment of education tax by summoning commercial bank executives.

He said there had been a rise in education tax collection from 2.5 percent to 3 percent, which has to do with the efficiency of collection.