In a recent statement, Nigeria’s Minister of Solid Minerals Development, Dele Alake, has called for the closure of schools in the
country that charge tuition fees in foreign currencies. Speaking at the Nigeria Gold Day Celebration during the 10th edition of
Nigeria’s Mining Week in Abuja, Alake criticized the practice as a significant economic contradiction. He emphasized
that such actions contribute to economic leakages and undermine the nation’s currency stability. Minister Alake
highlighted that when schools in Nigeria demand tuition payments in foreign currencies, it forces parents to seek
foreign exchange, thereby increasing demand for currencies like the U.S. dollar and the British pound. This heightened
demand can lead to a depreciation of the Nigerian naira, exacerbating the country’s economic challenges. He pointed out that
while foreign institutions may charge in their local currencies, it is contradictory for Nigerian schools to impose foreign
currency fees within the country. Alake has expressed his intention to propose to the Federal Executive Council that all schools
charging tuition fees in foreign currencies be closed. He believes that addressing this issue is crucial for eliminating economic
leakages and promoting the use of the national currency in all domestic transactions. The proposal has sparked
discussions among educators, parents, and policymakers. Supporters argue that the move could strengthen the naira and
ensure equitable access to education, while critics express concerns about the potential impact on the quality of education and the operations of international schools in Nigeria.
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