PTDF Introduces New Policy On Payment Of Scholarship Allowance

The Petroleum Technology Development Fund (PTDF) has  adopted new system for the payment of allowances of scholars studying in foreign universities under its scholarship scheme, a statement said.
“Under the new policy, payment of scholars allowances which has been in foreign currency shall henceforth be made in naira,’’ the agency said in the statement issued in Abuja last week by its Head of Press and External Relations,  Mr Kalu Otisi,

The Petroleum Technology Development Fund (PTDF) has  adopted new system for the payment of allowances of scholars studying in foreign universities under its scholarship scheme, a statement said.
“Under the new policy, payment of scholars allowances which has been in foreign currency shall henceforth be made in naira,’’ the agency said in the statement issued in Abuja last week by its Head of Press and External Relations,  Mr Kalu Otisi,
The statement quoted PTDF Executive Secretary, Dr Oluwole Oluleye, as making the development known when he visited beneficiaries of the agency’s overseas scholarship scheme in the UK.
“This became imperative as a result of difficulties experienced by PTDF in accessing foreign exchange due to its scarcity and the high cost of processing foreign exchange.
“All these contributed to delays in the remittance of the scholars’’ allowances,” the statement said.
It said that at present there were about 605 scholars under the sponsorship of the fund at undergraduate, master and doctoral levels in various universities abroad.
According to the statement, payment of the quarterly allowances of PTDF overseas scholars shall henceforth be made via Naira Master Card Accounts that will be prepared in the individual scholar’s name.
“The policy will affect ongoing and new scholars.
“Please note that although the MasterCard is in naira, you will be able to spend the pounds equivalent of your allowances in the UK at the government approved exchange rate,” the statement said.
It promised that the fund would continue to do its best to provide the necessary incentives under the scholarship scheme for them to excel in their studies and return to Nigeria.
“The fund has developed an initiative aimed at utilising the potential of its ex-PhD scholars in some of its activities.
“This year, six of our ex-beneficiaries took part in the PhD selection interview, while a number of them were also involved in the research grant competition as well as our previous induction programmes,” it said.