Tertiary Education Trust Fund (TETFund) has lamented the monetary policy of the Central Bank of Nigeria (CBN), stating that it volatility in the forex system in the past few months, was posing challenges in completion of tuition fees for foreign scholars.
Sonny Echono, the Executive Secretary of the Fund, stated this during a “One-Day Stakeholders Engagement on Emerging Issues with the TETFund Intervention” in Abuja on Wednesday.
Echono added that the Commission is considering suspending foreign program under its Tertiary Scholarship for Academic Staff (TSAS); likewise considering a upward review of the local scholarships.
”The Fund at this material time is also discouraging beneficiary institutions from initiating new Bench-work program.
”Additionally, there are issues related to scholars not returning to serve their bonds at their home institutions upon completion of their program.
The Executive Secretary said that the challenges of scholars absconding has undermined and complicated the TSAS program, as well brought it under intense scrutiny. Adding that the Fund had recently signed several MoU’s with some prestigious institutions overseas that include universities in Malaysia, India, Brazil, France and the United States with a view to boosting and enhancing the TSAS program in the future.
”The TETFund Book Development Fund intervenes in three key areas: publication of academic books and the conversion of high-quality theses into books; support for professional Association Journals; and the establishment and sustainability of academic Publishing centers.
Also, the Acting Executive Secretary, National Universities Commission (NUC), Chris Maiyaki stressed the need to develop new strategies for funding while ensuring sensitivity of the evolving challenging dynamics through qualitative funding.
Maiyaki advised the Fund to revamp its monitoring for quality assurance so as to have a better return on investment and on its projects.
The Chairman, House Committee on TETFund, Princess Miriam Onuoha, added that there is need to ensure inclusivity especially with Persons Living With Disabilities (PLWD) when making essential infrastructure available in tertiary institutions.
