Katsina Scholarship Trust Fund suffers N960m loss
The Katsina state Scholarship Trust Fund has lost N960 million from its investments in the capital market due to the economic meltdown.
Alhaji Gide Dandagoro, the Special Adviser to the Governor on Higher Education, said this at a news conference in Katsina on Friday.
He said the Fund invested N680 million in the market and other investment schemes between 2005 and 2007 to enable it to service the scholarship programme.
Dandagoro, however, said that a profit of N400 million was made elsewhere, out of which N300 million was used to pay students' allowances.
In spite of the loss, he expressed optimism that the stocks in the capital market would appreciate, saying the Fund would not sell off its stocks.
He also said the state government and the 34 local government councils had assisted the Fund by providing it with N384.4 million for the payment of students' allowances this year.
Dandagoro further said N11 billion had been spent on projects at the Umaru Musa Yar’Adua University, Katsina, within the last two years.
According to him, the first phase of the university, comprising the faculties of humanities, sciences and education, has been completed.