The Executive Secretary of the Tertiary Education Trust Fund reported that more than 137 students, who were sponsored abroad by the fund, have absconded.
Echono made this statement on Tuesday during his appearance before the House of Representatives Ad-hoc committee, which is investigating the alleged mismanagement of N2.3tn tertiary education tax by TETFund.
He emphasized that these scholars were sponsored by TETFund for their “higher education” abroad but have chosen not to return to the country after completing their programs.
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According to the Executive Secretary, this situation has become a significant crisis, as some of the scholars take advantage of the scholarship, obtain higher degrees, and then refuse to come back to their home country.
“The scholarship requires recipients to fulfill their commitment to return to the country. It is mandatory for them to have a guarantor, who often faces significant hardship when the scholars fail to honor their obligation. However, enforcing this requirement has not been successful.
Echono stated that TETFund is collaborating with various stakeholders to implement stringent and effective measures against those who refuse to return to Nigeria, thereby depriving the nation of their expertise.
He further explained, “By working closely with our embassies and educational institutions, we aim to ensure repayment from those individuals who persistently refuse to come back.”
Echono warned that if these scholars who do not wish to return fail to repay the funds invested in their programs, they will be declared persona non grata.
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TETFund will communicate with foreign embassies, resulting in these individuals being unable to secure jobs and being regarded as fugitives from their own countries.
“We may need to take a firm stance on this matter because the number of absconders is alarmingly high. So far, we have identified over 137 individuals who have absconded from around 40 institutions, and the investigation is ongoing.”
“We understand that people seek better opportunities, but they should do so independently, not by taking advantage of our scholarship or sponsorship programs.”
The Executive Secretary mentioned that TETFund is considering the possibility of halting foreign scholarships because of the exchange rate crisis.
Echono explained that while some taxes are paid to TETFund in foreign currencies into an account held with the Central Bank of Nigeria, the apex bank requires TETFund to independently source Forex when it comes to paying fees for scholars studying abroad.
He further explained, “We are operating under a system where our foreign exchange is sold on our behalf at an official rate, and we have to apply like any other entity to obtain it.
Unfortunately, this often results in additional costs. At present, we are engaging in discussions with all relevant stakeholders to consider suspending foreign training for a period of one or two years.
This decision is prompted by recent adjustments in the exchange rate, as we find ourselves unable to continue according to our disbursement guidelines.
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The allocated funds in naira fall short of covering the dollar requirements for the training. For scholars currently studying abroad, we now need more naira to pay for the required dollars for their annual fees. We are seeking to put a temporary halt to this practice.”
Echono clarified that most of the training would now be conducted domestically, utilizing the expertise of well-established, first-generation universities, and other specialized institutions within the country.
This approach would enable them to retain resources in-house and manage fluctuations in foreign exchange rates more effectively.
Regarding the funds owed to TETFund by the federal government, Echono disclosed that the amount was N371.3 billion, of which N46 billion has been repaid thus far.
He also denied any allegations of mismanagement of the N2.3 trillion fund.
Meanwhile, Oluwole Oke, the committee chairman, emphasized that the probe’s objective was not to witch-hunt, but to prevent the misuse of public funds.
