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FX Crisis: TETFund Mulls Suspension of Foreign Scholarships

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TETFund

By Adedapo Adesanya

The Tertiary Education Trust Fund (TETFund) has revealed that consultations are ongoing to suspend foreign scholarships as a result of the current FX crisis in the country.

The Naira has performed badly at the foreign exchange (forex) market lately, particularly after the Central Bank of Nigeria (CBN) floated the local currency, allowing market forces to determine its value.

Since this move last month, some students studying abroad have found it difficult to access FX because of its high rate.

The Executive Secretary of the fund, Mr Sonny Echono, at a public hearing on alleged missing N2.3 trillion in TETFund between 2011 to date, organised by an Ad hoc Committee of the House of Representatives, said the tax accruable to the fund is generated by Federal Inland Revenue Service (FIRS) and the fund’s account is domiciled in the CBN.

Mr Echono said that some of the tax comes in foreign currencies to CBN, but when it is time to pay fees for scholars abroad, the apex bank insists TETFund source forex from other channels, making the fund lose value due to the disparity of the rates.

According to him, “We operate a system where our forex is being sold on our behalf at the official rate, and we apply like anybody else to get it, sometimes it leads to additional cost.”

He urged the committee to intervene and compel CBN to allow TETFund access to its forex to pay fees as and when due.

“Currently, as I speak, we are in consultations with all our stakeholders to suspend, for a year or two, foreign training.

“This is because of the recent exchange rate adjustments; we are unable to continue based on our disbursement guideline; the money we allocated in naira cannot cover the dollar requirement for training.

“Those who are currently there, we now need more naira to pay for the dollar that is required for their annual fees,” he said.

Mr Echono said that the fund had l identified courses where Nigerian universities have the competence and the right quality of faculty to run.

He said that the fund had earlier decided that only limited curses “where we do not have the capacity in our institutions will qualify for foreign sponsorship.”

The executive secretary announced that most training will now be done locally through experienced, first-generation universities as well in collaboration with other specialised universities here in Nigeria.

This, he said, will allow the fund to retain revenue to cope with the volatile exchange rate, which is now at the mercy of market forces.

Mr Echono raised worries that no fewer than 137 sponsored scholars have absconded from 40 institutions abroad.

He said that some scholars who are sent for foreign training to acquire higher qualifications have refused to return to Nigeria to serve.

He said that TETFund was working with other stakeholders on stringent measures to ensure this sharp practice is ended. One of which is the signing of a bond agreement.

“The scholar undertakes that you will come back, it is required that you have a guarantor, and in many cases, the guarantor has suffered undue hardship because when you disappear, we hold the guarantor to pay all the money expended on your behalf, but that has not been effective.

“We believe that in a system where we work with our embassies and the institutions, we can enforce the repayment for those who insist they will not come back.

“If they don’t, we will declare them persona non grata. We will write to the embassies, and they will make it available to those countries, and they will not be able to get jobs; they will be seen as fugitives of law from their countries,” he said.

Mr Echono called for the review of existing regulations to ensure that those who benefit from the TETFund programme must come back.

According to him, we are not against people looking for greener pastures but do so on your own, not our scholarship or through our sponsorship.

On the alleged missing N2.3 trillion, Mr Echono said that the revenue accrued to the fund within the period stood at N2.47 trillion.

He said that between 2011 to date, a total of N371.3 billion was borrowed by the Federal Government, and only N48 billion had been repaid.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Education

Tinubu Lauds Femi Osofisan’s Contributions to Literature at 80

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Femi Osofisan

By Adedapo Adesanya

President Bola Tinubu has congratulated renowned playwright, poet, novelist and scholar, Mr Femi Osofisan, on his 80th birthday, describing him as one of Nigeria’s most accomplished intellectuals whose works have consistently championed social justice and national rebirth.

In a statement personally signed on Monday, June 15, the President lauded Mr Osofisan’s enduring contributions to literature, theatre arts and academia, noting that the emeritus professor has devoted his life to addressing societal challenges through his creative works.

President Tinubu said the literary maverick exemplifies the rare combination of talent, dedication and service, adding that the celebrated writer has enriched Nigeria’s cultural and intellectual landscape through decades of scholarship and artistic excellence.

“Few men live in the full expression of the abundance of their talents. Professor Babafemi Adeyemi Osofisan is one of those incredibly brilliant individuals who have blessed our world with their creativity,” the President said.

Mr Osofisan is known for some of his works, which include Behind the Ballot Box (1967), Oduduwa Don’t Go! (1968), A Restless Run of Locusts (1975), The Chattering and the Song (1976), Who’s Afraid of Solarin? (1978), Once Upon Four Robbers (1980), Morountodun (1983), Esu and the Vagabond Minstrels (1991), Aringindin and the Nightwatchmen (1992), Yungba-Yungba and the Dance Contest (1993), The Album of the Midnight Blackout (1994), Tegonni: An African Antigone (1999), Reel Rwanda! (1996), and Women of Owu (2006), among others.

In prose fiction, Osofisan authored Kolera Kolej (1975), Cordelia (1989), Ma’ami, Abigail, and Pirates of Hurt. As a poet writing under the pseudonym Okinba Launko, he published notable collections such as Minted Coins (1987), Dream-Seeker in Divining Chain (1993), and Pain Remembers, Love Rekindles (2001).

The President highlighted Mr Osofisan’s distinguished career as a playwright, poet, novelist, teacher, scholar and newspaper columnist, noting that his works have consistently called for moral reawakening and social transformation.

President Tinubu recalled that Mr Osofisan, a native of Erunwon in Ogun State, attended Government College, Ibadan, before studying French at the University of Ibadan and later pursuing graduate studies at the Sorbonne in Paris.

He also acknowledged the literary icon’s long academic career at the University of Ibadan, where he rose through the ranks and retired as a professor, as well as his international recognition, including the prestigious Thalia Prize awarded to him in 2016 for his contributions to theatre arts.

“I warmly congratulate this literary colossus as he turns 80 on June 16. His life and accomplishments are a demonstration of service, dedication, and hard work,” Tinubu stated.

The President further commended Osofisan’s “enormous contributions to scholarship and the theatre arts” and his “consistent advocacy for a national rebirth,” describing him as “one of our nation’s finest minds.”

“As Professor Osofisan celebrates this milestone, I join his family, friends, and the literary community in wishing him excellent health and praying that his fount of wisdom continues to flourish,” the President added.

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Education

Orire School Abduction: Oyo Teachers Begin Indefinite Strike

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Orire School Abduction

By Modupe Gbadeyanka

Teachers in Oyo State on Monday, June 1, 2026, commenced an indefinite strike to protest the abduction of their colleagues and some pupils about two weeks ago.

The teachers withdraw their services from schools until further notice in compliance with the directive of the Nigeria Union of Teachers (NUT).

In a statement on Sunday, the group said the industrial action affects all public primary and secondary school teachers in Oyo State.

They are aggrieved over the continued captivity of abducted teachers and pupils, whose rescue and safe release remain uncertain.

According to the union, the prolonged detention of the victims has created fear and anxiety among teachers, discouraged parents from sending their children to school, and heightened tension across communities in the state.

The NUT said the industrial action is aimed at drawing the attention of government authorities to the urgent need to intensify efforts toward securing the safe release of the abductees without further delay.

It urged all teachers to comply fully with the directive, remain law-abiding, and stay safe in their respective homes throughout the period of the strike.

The association also reaffirmed its solidarity with the abducted teachers, pupils, and their families, stressing that lawful engagements with relevant government authorities would continue until the victims regain their freedom.

The NUT assured members that it remains committed to protecting the welfare and security of teachers and learners across the country.

A few weeks ago, some terrorists stormed the Orire Local Government Area of Oyo State and kidnapped dozens of children and teachers. They have remained in captivity, with the federal government only sending a delegation to the town on Sunday, May 31, 2026.

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Education

KolaDaisi University Hosts Career Fair June 10 in Ibadan

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KolaDaisi University Career Fair

By Modupe Gbadeyanka

On Wednesday, June 10, 2026, KolaDaisi University (KDU), in a bid to strengthen the talent-to-industry pipeline, will hold its inaugural Career Fair at its campus in Ibadan, Oyo State, with over 200 final-year students, alumni, and a diverse range of leading employers across multiple sectors expected to partake in the programme.

The one-day event, organised by the Directorate of Advancement and Alumni Relations, will feature participation from top-tier organisations spanning finance, consulting, technology, manufacturing, and other key industries.

Participating companies will engage directly with students, offering opportunities for graduate trainee programmes, National Youth Service Corps (NYSC) placements, internships, and entry-level employment.

In addition to recruitment opportunities, the Career Fair will include a series of industry-led sessions, panel discussions, and networking engagements designed to provide students with insights into workplace expectations, emerging career trends, and professional development pathways.

“At KolaDaisi University, we are deliberate about preparing our students for life beyond the classroom. This Career Fair represents a critical platform for fostering meaningful engagement between our students and industry leaders.

“It is not just an event, but a long-term investment in partnerships that will drive innovation, talent development, and economic growth,” the President of the Directorate of Advancement and Alumni Relations, Mrs Olasumbo Obaseki, stated.

The Career Fair underscores the university’s commitment to equipping its students with not only academic excellence but also the practical skills, professional exposure, and networks required for success in today’s competitive labour market.

It is put together in collaboration with key industry partners, including Chapel Hill Denham, Mobile Screens and Sound Limited, SKOT Communications, LEADWAY Assurance, HighlerLife Properties Consult Ltd, Idea Konsult, New Horizons Nigeria, alongside several other organisations committed to nurturing emerging talent.

These partnerships reflect a shared vision of developing a workforce that is both competent and responsive to evolving industry needs.

This impactful and timely initiative is an essential platform for aligning academic outcomes with industry expectations.

The initiative forms part of KDU’s broader institutional strategy to enhance graduate employability through sustained industry engagement, career readiness programmes, and alumni relations.

By creating structured opportunities for interaction between students and employers, the institution continues to position itself as a forward-thinking institution committed to producing globally competitive graduates.

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