The Vice-Chancellor of Olabisi Onabanjo University, Ago-Iwoye, Prof. Ayodeji Agboola, has called on the Federal Government to retain the Tertiary Education Trust Fund (TETFund), stressing its crucial role in advancing higher education in Nigeria.

Prof. Agboola emphasized that TETFund has become an indispensable support mechanism for universities and other tertiary institutions, and should not be scrapped or sidelined due to the emergence of the Nigerian Education Loan Fund (NELFUND).

Speaking in a statement on Thursday during a visit by the Chairman of the South-West Zone of the TETFund Board of Trustees, Sunday Adepoju, who led a team to inspect ongoing projects at the university, the VC advocated for the coexistence of both initiatives.

He urged the government to allow TETFund and NELFUND to operate concurrently, warning against allowing one to undermine the other.

Prof. Agboola described TETFund as a vital pillar in Nigeria’s educational system, noting that its numerous interventions have played a key role in tackling major challenges confronting tertiary institutions across the country.

He criticised suggestions from some quarters that TETFund should be scrapped due to the establishment of NELFUND, warning that such a move would be counterproductive in the long term.

According to him, the coexistence of both TETFund and NELFUND would not only enhance infrastructure development in higher institutions but also help reduce student attrition rates by addressing financial and academic needs more effectively.

He said, “I want to say that without TETFund, maybe many universities would not be in existence. TETFund has been very significant in virtually all the development of this University, they also train academic staff for their PhDs.

“I’m one of the beneficiaries of TETFund because my PhD was sponsored by TETFund at the University of Nottingham.”

“I am also aware that a couple of our colleagues make use of TETFund for conference’ attendance and training. Virtually all the buildings we have and in all our satellite campuses, if you take away the philanthropists and the alumni donations, the rest are TETFund and Needs Assessment.

“My plea is that NELFUND should not replace TETFund, and the funds being allocated to TETFund should also not be reduced.”

“If you give more money to NELFUND for student loans and the student does not have anywhere to sit, it would be another kettle of fish. In this University, you can have 35,000 students applying every year, and there is only a quota of 7,000.

“Most of the teaching aids that we have come from interventions from TETFund. So, if the government decides to reduce the funds being allocated to TETFund and give them to NELFUND, I think the government needs to look at it again.”

“No nation will develop better than the products of its universities. If we bring more students into the university and there are no facilities, it won’t be a good development. So, it will be better for us to have the two agencies simultaneously.”

The Vice-Chancellor, Prof. Ayodeji Agboola, emphasized that Olabisi Onabanjo University had made prudent use of funds received for TETFund projects, and he called for increased intervention to further advance the institution’s development.

He also used the occasion to urge the Federal Government to urgently revisit its decision to cancel overseas training programs for Nigerian scholars, citing the importance of such opportunities for academic growth and exposure.

During the visit, the Chairman of TETFund’s South-West Board of Trustees, Sunday Adepoju, stated that the purpose of the tour was to familiarize the board with ongoing and completed TETFund projects at the university.

Adepoju praised the university’s management for effectively utilizing the allocated funds, noting that taxpayers’ money had been responsibly deployed to benefit the state-owned institution.

He said, “We have come, we have seen, and we will make our informed decision. With what we have seen so far, TETFund has done greatly for you in this University, and you are making effective use of the physical infrastructure given to you. We are very pleased, and if there is an opportunity for TETFund to do more, it will be done.

“You have shown that taxpayers’ money is being put to use, and by the grace of God, it would be the beginning of more to come from TETFund. I am happy that you are not having any abandoned projects and you are not having any unaccessed funds.

“That shows the quality of the Management this University has. As we have been told, some Managements of institutions delay the payment of money to contractors, thereby causing inflation to the projects. That has not been the case in OOU.”