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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.

Education

Moniepoint Backs 2025 NextGen Connect Interschool Oratory Competition

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Moniepoint NextGen Connect Interschool Oratory Competition

By Modupe Gbadeyanka

Notable financial institution, Moniepoint Incorporated, reaffirmed its commitment to nurturing Africa’s future leaders by supporting the 5th edition of the NextGen Connect Interschool Oratory Competition in Asaba, Delta State.

The competition, which was held commemoratively to celebrate this year’s International Day of the Boy Child, brought together SS2 students from across Delta State to address the critical theme The Role of Financial Inclusion and Technology in Shaping a Brighter Future for Young People in Africa.

The contest, organised by Mega Impact Foundation, was supported by Moniepoint to showcase its unwavering commitment to youth empowerment and human capital development across the African continent.

It also received additional support from the Ministry of Women Affairs and Social Development, Delta State, highlighting the collaborative approach required to nurture young talent effectively.

Through its support of the NextGen Connect Conference and Tech-In-School conversations, Moniepoint is fostering an environment where youth can develop critical thinking skills, build confidence, and engage with pressing societal issues.

“At Moniepoint, we believe that driving sustainable innovation begins with future-proofing and expanding the talent pool by empowering the next generation with the tools that they need to succeed especially basic literacy skills which remain fundamental pillars in socio-economic development.

“These young voices represent the future of African leadership, and their insights into financial inclusion and technology demonstrate the remarkable potential that exists within our communities.

“Through our various educational and developmental initiatives such as the CAD/CAM lab we donated to OAU last year or the Moniepoint DreamDevs programme, we are betting big on an investment in Africa’s future,” the chief executive of Moniepoint, Mr Tosin Eniolorunda, said.

On her part, the founder of Mega Impact Foundation, Ms Florence Ogonegbu, said, “We reaffirm our commitment to building an Africa where every young person has simplified access to sustainable education, capacity building, and empowerment.

“By leveraging technology and local initiatives, we are creating platforms that enable our youth to thrive and transform their communities.

“Together with partners like Moniepoint, we are not just shaping futures—we are driving a movement for social development that will resonate globally. Every boy, every young person, deserves the opportunity to unlock their full potential and drive lasting impact across our continent.”

Business Post reports that the oratory competition in Delta State showcased exceptional talent among Nigeria’s youth, with Otovo Praise of Crystalloid International School emerging as the champion.

His outstanding performance earned him a full-year scholarship through the Tosin Eniolorunda STEM Foundation, reflecting Moniepoint’s philosophy of investing in educational excellence.

Second-place winner Audi Innocent of St Patrick’s College received N300,000, while third-place winner, Asher David of Glorious Kids Academy was awarded N200,000.

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Education

Pearson Launches PTE Club to Ease International Study, Work Access

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Pearson Test of English

By Adedapo Adesanya

As Pearson Test of English (PTE) continues to gain increased recognition in the Nigerian market, the PTE Club has been established to remove barriers and ease access to international study and work.

The PTE Club, launched in partnership with Lu Gold Educational Consulting in Lagos, is crucial as Nigerians increasingly pursue international education, work opportunities, and seek greater global mobility.

According to Mrs Eugenia Yeboah, Business Development Specialist at Pearson’s PTE covering West Africa, the demand for reliable and efficient English language proficiency assessments have soared and one of such recognised is Pearson’s exams.

In response to this growing need, the PTE Club has emerged as a community that will help facilitate proficiency tests and help liberalise access to scholarships while promoting other opportunities for prospects and candidates.

She noted that the PTE Club which will pilot with Nigeria will be expanded to other African countries later.

“So we are hoping that we will be able to help many people in Nigeria as possible to get parts of the scholarship opportunities, we also want to assess them on their English language proficiency.”

She also revealed that Nigeria has the cheapest options available ($150) as part of strategy to make the test affordable and accessible.

On his part, Mr Lucuis Gab-Umoden, chief executive at Lu Gold EDC and founder of the PTE Club, added that the community will be beneficial to all ranging from students to teachers to companies and universities.

“The idea was to make it open to all. So students get access to scholarships, teachers get access to accreditation, and schools get access to opportunities including partnerships. This is the benefit of the PTE Club, which we are building around Pearson Test of English.”

Unlike traditional paper-based exams, PTE offers a computer-based format with rapid results, typically available in two days. The assessment evaluates all four language skills – listening, reading, speaking, and writing – in a single, integrated test, and its AI-powered scoring ensures fairness and accuracy for all test takers at all levels.

Accepted by 3500+ of universities globally, PTE exams can be taken by the Nigerian students seeking undergraduate and postgraduate programs in countries like Australia, Canada, New Zealand, the United Kingdom, and the United States. In addition to academic admissions, PTE, the English proficiency test, is recognized by the US State Boards of Nursing for work visas and by UK Higher Education Institutions for degree-level courses.

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Education

Oando Foundation to Reintegrate Out-of-School Children into Formal Education System

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Out-of-School Children Oando Foundation

By Modupe Gbadeyanka

Steps are already being taken by Oando Foundation to identify and reintegrate out-of-school children into the formal education system.

This information was revealed by the Head of the organisation, Ms Tonia Uduimoh, during the official handover of over 1,000 back-to-school materials to newly-enrolled out-of-school children in Jos, Plateau State.

The group donated the items under its LEARNOVATE-FLIP (Foundational Learning Improvement Programme) initiative.

“Education is fundamental — and as a Foundation committed to social impact, we believe it’s our responsibility to complement government efforts where it matters most.

“Since 2023, our work has been anchored on the LEARNOVATE strategy, with a strong focus on improving foundational literacy and numeracy.

“When a child gains basic reading and math skills early, it doesn’t just prepare them for the next grade — it sets them up for lifelong learning. But we also know that too many children, especially those on the margins of society, are being left behind.

“Under the LEARNOVATE-FLIP programme, we’re not only supporting children already in school — we’re also working to identify and reintegrate out-of-school children into the formal education system.

“What you’re seeing today in Plateau State is a direct result of that effort. Over 4,000 children have been mobilized so far and integrated into formal education across Plateau, Sokoto, and Ebonyi States. What we are doing is to provide basic resources and support, and we are committed to ensuring every child succeeds,” Ms Uduimoh stated.

In her remarks, the Deputy Governor of Plateau State, Ms Josephine Piyo, commended Oando Foundation for the gesture, describing it as a vital support for children who have been excluded from educational opportunities, aligning with the state’s commitment to expand access to inclusive and equitable basic education.

“Today marks a significant step in our collective efforts to improve the quality of education in Plateau State. It is heartwarming to witness the commitment of organizations like the Oando

Foundation in supporting the education sector. Education is the key to unlocking the potential of every child and paving the way for a brighter future.

“By providing back-to-school learning materials to enrol out-of-school children, we are giving them the tools to succeed in life. I express my gratitude to the Oando Foundation for their generous support in organizing this event.

“This distribution of learning materials will have a profound impact — not only enhancing learning but also instilling a sense of confidence and belonging in every child reached.”

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