Minister of Solid Minerals, Dele Alake, has urged the closure of Nigerian schools charging fees in foreign currencies.
He said the practice fuels forex pressure and undermines the nation’s economic stability.
Minister of Solid Minerals Development, Dele Alake, has called for the closure of schools in Nigeria that charge tuition fees in foreign currencies, describing the practice as harmful to the nation’s economy.
Speaking on Wednesday, October 15, during the Nigeria Gold Day Celebration held alongside the 10th edition of Nigeria’s Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance”, Alake said such schools contribute to the persistent pressure on the naira.
He explained that when Nigerians are forced to buy dollars or pounds to pay for local education, it artificially drives up demand for foreign exchange and weakens the currency. “If your child attends a school in Abuja or Lagos and pays $10,000 or £10,000 in fees, it means you’re sourcing naira to buy foreign currency. This drives up the value of the dollar while the school itself operates in Nigeria. You can’t establish a school in the UK and charge in naira; it’s unacceptable,” he said.
Alake added that he would propose to the Federal Executive Council (FEC) that all institutions engaging in such practices be shut down, stressing that they represent economic leakages that hinder national growth.
He further emphasized the need to change Nigeria’s value system to focus on productive and regenerative sectors that contribute to national development.
On the mining sector, the minister announced new digital mechanisms aimed at closing loopholes and ensuring transparency across Nigeria’s gold value chain. He said the reforms would minimize interpersonal transactions, reduce corruption, and enhance the global standing of Nigeria’s gold market.
Alake also highlighted the Federal Government’s National Gold Purchase Program (NGPP), implemented through the Solid Minerals Development Fund (SMDF), as part of efforts to strengthen the naira. The initiative, he explained, allows the government to buy gold directly from artisanal miners in naira, eliminating the need to spend foreign exchange on international gold purchases and bolstering Nigeria’s foreign reserves.
