The Minister of Solid Minerals Development, Dr. Dele Alake, has called for the closure of schools in Nigeria that charge tuition fees in foreign currencies.
Alake made the statement on Wednesday in Abuja during the Nigeria Gold Day Celebration, held on the sidelines of the 10th edition of Nigeria’s Mining Week, themed “Nigeria Mining: From Progress to Global Relevance.”
He described the practice as one of the “leakages and loopholes” undermining Nigeria’s economic stability.
“I am going to make a proposal to the Federal Executive Council that all those schools in Nigeria charging in foreign currencies should be closed. These are some of the leakages and loopholes in our economy that people do not take seriously,” Alake said.
The minister noted that paying school fees in foreign currencies within Nigeria contributes to the rising demand for dollars, thereby weakening the naira.
“If your child is attending a school in Abuja or Lagos and you are paying 10,000 pounds or dollars, it means you’ll need to buy foreign exchange locally, which drives up the value of the dollar. You can’t establish a school in the UK and charge in naira — it’s only in Nigeria that such contradictions exist,” he added.
Alake stressed the need for a change in national values and economic orientation towards more productive and sustainable practices.
He further revealed that the Federal Government was implementing digital measures to block leakages in Nigeria’s gold value chain and reduce corruption.
According to him, the National Gold Purchase Programme (NGPP), implemented through the Solid Minerals Development Fund (SMDF), allows the government to buy gold directly from artisanal miners in naira, a move aimed at boosting foreign reserves and strengthening the naira.
In her remarks, the Executive Director of SMDF, Hajia Fatima Shinkafi, said gold exploration funding in Nigeria was on an upward trajectory, unlike global trends. She encouraged participants to explore Nigeria’s gold potential and support efforts to make the country a leading destination for junior miners.
The Nigeria Mining Week, which runs from October 13 to 15, is organised by the Miners Association of Nigeria in partnership with PricewaterhouseCoopers (PwC) and the VUKA Group.
