The Senate Committee on Tertiary Education has presented a report to the plenary which revealed that only N10 billion out of the N274 billion given out by the Tertiary Education Trust Fund (TETFUND) as loan to the Petroleum Training Development Fund (PTDF) was refunded with an outstanding N264 billion allegedly diverted.
The Senate on Thursday ordered the TETFUND should ensure the refund the money believed to have been illegal lent to various government departments and agencies between 2011 and 2015, contrary to extant rules.
Senate Committee Chairman on Tertiary Education, Senator Barau Jibrin in his report to the plenary said the Federal Government must be made to refund the balance of N264 billion to TETFUND coffers.
The lawmaker observed a loophole in the TETFUND Act, which gave only the President the power of approval for spending without recourse to the National Assembly.
This, according to him, was in clear violation of Section 82(4) of the Constitution, which states that no monies shall be withdrawn from the Consolidated Revenue Fund or any public fund of the Federation, except in the manner prescribed by the National Assembly
He further observed that the Executive Secretary and members of the Board of Trustees of TETFUND were all solely appointed by the President.
