Inflation: TETFund increases living expenses of scholars on foreign scholarship

Tertiary Education Trust Fund (TETFund) has proposed a significant increase in the rates of living expenses to scholars on its foreign scholarship programme with effect from the 2023/2024 academic year.

This, according to TETFund, was as a result of strong variation in exchange rate which has, unfortunately, weakened the value of the local currency (Naira), as well as other financial challenges in their host countries.

Executive Secretary of TETFund, Sonny Echono, in a statement, on Thursday, confirmed that several complaints were received from some Nigerian lecturers studying in foreign institutions under the TETFund Scholarship for Academic Staff (TSAS) programme, particularly from scholars in Malaysia, India and Kenya, requesting for intervention to enable them complete their studies in their respective institutions

He said the scholars requested for bailout to cater for shortfalls in their living expenses occasioned by fluctuations in foreign exchange.

“To address this anomaly, TETFund 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. TETFund has also signed Memoranda of Understanding with some foreign institutions to safeguard its scholars and ensure seamless academic activities.

“While it is regrettable that scholars from beneficiary institutions that fail to operate domiciliary accounts are most affected by the current impasse, the Fund has taken a position not to punish the scholars for non-compliance by their home institutions,” Oniyangi said.

He confirmed that the shortfalls in living expenses of the scholars are currently being computed by the Fund with assurance that it will be paid directly to eligible scholars.

He appealed to affected scholars to be patient while the individual computations are ongoing, even as they obtain necessary approvals for the extra budgetary expenditure. (Daily Sun)