FG RELEASES ₦3.8 BILLION TO SUPPORT NIGERIAN STUDENTS STRANDED ABROAD.

The Federal Government recently authorized ₦3.8 billion to support stranded Nigerian scholars overseas.
Sonny Echono, Executive Secretary of the Tertiary Education Trust Fund, disclosed this information on Thursday in Abuja at a hearing with the House of Representatives Committee on TETFund.

He stated that the Fund had supported 1,500 scholars with ₦3.8 billion in grants.

In reaction to the reported delay in scholarship payments, Echono stated that the recent increase in foreign exchange rates has caused alarm among scholars from several nations, including the United Kingdom and Malaysia.

Echono stated that these concerns had been shared with the National Assembly, the Presidential Villa, the Ministry of Education, and even the 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.

“In the past, each time we send 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 complained that it takes a whole lot of time to process the transfers to central bank.

“But we now pay directly to the institution as part of our intervention,” he said.

Echono disclosed that Nigeria’s performance in research grants has improved, moving from 9th to 7th place in Africa.