An Ad hoc committee of the House of Representatives has initiated an investigation into the alleged misuse of N2.3 trillion by the Tertiary Education Trust Fund (TETFUND) from 2011. The investigation follows concerns raised by lawmakers Olusola Fatoba, David Fouh, and Zakari Nyanpa, who highlighted financial mismanagement, including improper tracking of funds and payments to contractors who failed to meet project milestones. Fatoba warned that if the allegations were not addressed, Nigeria’s tertiary education system would continue to decline, leading to strikes, substandard institutions, and a loss of public confidence.
During the hearing, TETFUND Executive Secretary, Sonny Echono, defended the agency, explaining that the funds were not missing as claimed but had been borrowed by the federal government. Since 2013, the government borrowed N371 billion from TETFUND, and despite repayments totaling only N48 billion, the outstanding debt remains a significant issue. Echono also addressed challenges with foreign scholarships, citing the devaluation of the naira, which has made it difficult to meet the growing costs of international tuition.
The committee also discussed the issue of students who fail to return to Nigeria after completing their foreign studies. Echono revealed that over 137 students had absconded, prompting TETFUND to consider stricter measures, including collaborating with embassies to enforce repatriation and repayment. The committee, led by Hon. Oluwole Oke, is committed to addressing these challenges and ensuring that TETFUND fulfills its mandate to support Nigeria’s higher education sector.
