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High Exchange Rate: TETFUND Suspends Foreign Scholarship For 2 Years

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Executive Secretary of the Tertiary Education Trust Fund (TETFUND), Mr Sonny Echono, Tuesday, dropped a hint of the planned suspension of foreign scholarships for two years due to the high exchange rate.

He said that consultations were ongoing on the issue.

He also said that the Fund was owed the sum of N323 by the federal government having borrowed over N371.3 billion out of which it has paid N48 billion.

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Echono spoke at a public hearing organized by an ad-hoc committee of the House of Representatives on the alleged missing N2.3 trillion in TETFUND.

It will be recalled that the House had last Tuesday set up the Committee, headed by Hon. Oluwole Oke, to investigate the alleged abuse of N2.3 trillion generated from the Tertiary Education Tax by the Fund from 2011 to 2023.

He said that it was difficult accessing foreign exchange from the Central Bank of Nigeria (CBN) even though the proceeds of their tax accruals generated on their behalf by the Federal Inland Revenue Service (FIRS) is domiciled in the apex.

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According to the Fund, the CBN always insisted they sourced their own forex to pay fees for scholars abroad.

Echono therefore urged the panel to intervene on their behalf.

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He informed that the Fund will resort to local institutions for scholarships trainings.

He said: “We operate a system where our forex is being sold on our behalf at an official rate and we apply like anybody else to get it, sometimes it leads to additional cost.

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

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“Most of our training now will be done locally through our experienced, first-generation universities and other specialized universities based here. This way we can retain our resources in house and cope with the change of foreign exchange variation.

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“Some of the scholars that have been sponsored, unpatriotically when they go, they enjoy our scholarship, acquire a higher degree, they refuse to come back, it has become a major crisis.

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“We are working with the staff unions for stringent and effective measures to be taken; currently before you are sponsored, you are made to sign a bond.

“The scholarship requires 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 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.

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“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.

“We may have to take that hard stand because the numbers are alarming. We just checked about 40 institutions and over 137 absconders and the review is ongoing.

“It is a huge number that we cannot afford and so we will be seeking your support to strengthen some of the existing regulations to ensure that those who benefit from this programme must come back.

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“We are not against people looking for greener pastures but do so on your own, not through our scholarship or through our sponsorship”.

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Speaking on alleged missing of N2.3 trillion in TETFUND, Echono said the allegations were unfounded.

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According to him, the actual sum generated from education tax from 2011 to 2022 was N2.476 trillion out of which the Federal Inland Revenue Service (FIRS) retained N99 billion as cost of collection.

He said that the government had since 2013 borrowed N371.3 billion from the Fund out of which it has paid N48 billion so far.

“We do have challenges but these challenges and they have nothing to do with fraud. They are basically issues of governance and I would start by explaining what the challenges are. First in absolute terms so we have a clear picture of what we are talking about. From the year 2011 to 2022 total education tax collected by the FIRS as presented to us in their documentations, as confirmed from the statements we received from the Central Bank of Nigeria (CBN) which we have also attached for the Committee to peruse is N 2, 476, 733, 181, 679.75.

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“Out of this amount, a total sum of N99 billion were retained by FIRS as cost of collection, leaving a balance of N2.37 trillion. So, the total fund that had hit education pool account at the CBN is N2.3 trillion from 2011 to date

“However, the FG over time in the course of governance and to meet pressing needs has borrowed funds from these accounts. The total borrowing is approximately N371.339 billion. These borrowings happened over time and most of the borrowings started in 2013.

“The FG acknowledges that it was borrowing and we have full documentation of this and all the correspondences that accompanied it. Other borrowings since then are being tabulated and given to you. We did secure presidential approval for the refund of this borrowing since 2015 and the FG has been refunding albeit in piecemeal.

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“To date, total borrowing is over N371 billion. But total repayment to this date is about N48 billion. Last year N12.8 billion was given to us, this year another N12.89 billion was given to us. They are just paying. God knows how long this will take to defray the principal amount”, Echono said.
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Ex—Edo Deputy Gov Escapes Jail Term In Philip Shaibu’s Contempt Case

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Former Edo State deputy governor, Marvellous Omobayo, on Friday escaped a three-month imprisonment for contempt of court after the intervention of his counsel, Ken Mozia, SAN, his apology and an agreement reached with former Deputy Governor Philip Shaibu to resolve the matter out of court.

Justice James Omotosho of the Federal High Court sitting in Abuja disclosed during Friday’s proceedings that, his ruling in the matter was ready and that, he had been prepared to commit Omobayo to the Kuje Correctional Centre for three months without an option of fine.

The judge, however, took into consideration the apology and remorse expressed by Omobayo and the steps taken by both parties to resolve the dispute.

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Justice Omotosho said the proposed jail term was intended to serve as a warning to public officials, particularly members of the executive and legislative arms of government, against disobeying court orders.

According to the judge, “Let me just tell you, I would have sent you to three months imprisonment with no option of fine. I wanted to use you as an example for others, especially the executive and legislature, who are always in the habit of disobeying court rulings.”

Justice Omotosho said, judgement of the court must be obeyed and that, the sanctity of the temple of Justice must also be protected and warned Omodayo not to make any attempt to disobey a valid order of court.

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The judge consequently vacated the delivery of the ruling in the contempt proceedings which arose from a judgment he delivered on July 17, 2024, in Suit No. FHC/ABJ/CS/478/2024, in which the court voided Shaibu’s impeachment as Deputy Governor of Edo State and ordered his reinstatement.

The court had held that the Edo State House of Assembly failed to comply with due process in impeaching Shaibu and that the allegation of gross misconduct relied upon by the lawmakers was untenable in law.

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Omobayo, who was sworn in as deputy governor on April 8, 2024, following Shaibu’s impeachment, was subsequently accused of refusing to vacate the office despite the court’s judgment and
Shaibu consequently commenced contempt proceedings against Omobayo.

During Friday’s proceedings, Omobayo expressed regret over his actions and apologised to the court and Shaibu.
In an affidavit he deposed to, which he read before the court, Omobayo described himself as the alleged contemnor and said he regretted the actions that led to the contempt proceedings.

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He apologised for any inconvenience caused to the court and the judgment creditor, insisting that he did not intend to disrespect the court or disregard its July 17, 2024 judgment.

Omobayo further undertook not to engage in any conduct that would violate or disobey the judgment and also undertook not to present or describe himself as the Deputy Governor of Edo State in official or private correspondence, public functions, publications, social media communications or otherwise.

He similarly undertook not to exercise or purport to exercise any powers, functions, privileges or responsibilities attached to the office of Deputy Governor of Edo State, in accordance with the judgment and subsisting orders of the court.

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The development followed an earlier request by Mozia, SAN on September 23 for more time to enable the parties to complete negotiations aimed at resolving the dispute.

Mozia told the court that his team had met with Shaibu’s lead counsel, Ayotunde Ogunleye, SAN, and that extensive discussions had taken place and had agreed on what to do.

The lawyer appealed to the court for additional time for the parties to reconcile their positions.

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Shaibu’s counsel, Kunle Lawal, confirmed that reconciliation efforts were ongoing and did not oppose the request for a short adjournment, a request the judge granted and subsequently adjourned the matter to Friday for ruling.

The judge noted that it was unusual for him to suspend a ruling on the day it was scheduled to be delivered, but said he granted the request out of respect for the senior counsel and because of the ongoing reconciliation.

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The contempt charge, dated September 13, 2024, was filed by Ogunleye on September 19, 2024.

Shaibu had sued the Inspector-General of Police, the Deputy Governor of Edo State, the Attorney-General, the Chief Judge of Edo State, the Speaker of the Edo State House of Assembly and the Edo State House of Assembly as defendants in the substantive suit.

The July 17, 2024 judgment subsequently became the basis of the contempt proceedings against Omobayo following his continued occupation of the deputy governor’s office.
(TRIBUNE)

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Group Commends COREN For Training Engineers In Engineering Failure, Forensic Investigation In Nigeria

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Foundation for the Development of Shira Community (FODESCO) in Shira Local Government Area of Bauchi state has commended the Council for the Regulation of Engineering in Nigeria (COREN) for conducting a pioneer training on Engineering Failure and Forensic Investigation (EFFI) for 50 licensed engineering practitioners across the country.

Engr. Shehu Wakili, the Chairman of the Foundation made the commendation in an interview with newsmen on Friday.

According to him, the training which was conducted by COREN in collaboration with the Nigerian Building and Road Research Institute (NBRRI) and the Chartered Institute of Forensic and Certified Fraud Investigators of Nigeria (CIFCFIN), was to equip engineers and professionals from academia, industry, and government MDAs with practical skills to investigate infrastructure failures and prevent recurring building collapses.

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He added that the training was also to build a pool of trained specialists who could investigate building collapses and other engineering failures, determine their root causes, and recommend measures to prevent recurrence, saying that the trainees would form part of a register of trained and certified forensic engineering investigators.

He further lauded COREN for the subsequent induction of its member, Engr. Abdullahi Muhammad MNSE, who among the 50 participants, hails from Bauchi state as a Chartered Engineering Forensic and Failure Investigator (CEFFI), certified by CIFCFIN.

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“FODESCO is proud of him and wishes him well in all his endeavours”, he prayed.

Wakili, also the Chairman, Nigerian Society of Engineers (NSE), Bauchi state chapter, revealed that the training covered failure analysis, forensic investigation methodologies, risk assessment, and professional reporting.

“This initiative supports broader efforts by COREN and the National Assembly to enforce stricter building codes, identify quackery, and ensure accountability across the construction sector,” he said.

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NBS: Lagos, Rivers, Enugu Top List As States Generated N5.15trn In 2025

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The National Bureau of Statistics (NBS) has disclosed that 36 states and the FCT generated a total of ₦5.15 trillion in 2025, indicating a growth rate of 40.93 percent from ₦3.65 trillion recorded in 2024.

NBS stated on Thursday citing the Nigeria Revenue Service ( NRS) as source of its information that Lagos emerged top on the list of states with the highest revenue generation in the sum of ₦1.77 trillion.

“Followed by Rivers state ₦428.42 billion and Enugu with IGR record of ₦406.77 billion in the period referenced.”

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The. Bureau said Yobe, Ebonyi and Sokoto states reported the least revenues with ₦16.01 billion, ₦17.18 billion and ₦20.48 billion, respectively.

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According to NBS, Pay As You Earn (PAYE) was the most tax revenue recorded during the period, valued at ₦2.64 trillion, representing 69.51 percent of the total tax revenue collected, while capital gains tax was the least with ₦12.40 billion while the share of total tax revenue to total IGR was 73.64 percent nationally.

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“Other states and their share of IGR are FCT – N356.34 billion, Ogun – N252.36 billion, Delta – N202.49 billion, Edo – N132.21 billion, Oyo – N103.25 billion and Kano – N102.26 billion.

“Ten other states in lowest category of IGR include Yobe – N16.01 billion, Ebonyi – N17.18 billion, Sokoto – N20.48 billion, Taraba – N28.16 billion ; Benue – N29.57 billion, Zamfara – N30.07 billion, Kebbi – N31.23 billion, Nasarawa – N32.57 billion, Adamawa – N33.76 billion andcBorno – N36.36 billion “.

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NBS noted that the states generated their most and least revenue from taxes and other government sources. “PAYE was the dominant revenue source nationally, generating N2.64 trillion and accounting for 69.51% of total tax revenue for the year.

“Other sources included direct assessment, road taxes, stamp duties, withholding taxes and capital gains tax, which was the smallest contributor at N12.40 billion,” the Bureau stated.

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