Minister Alake calls for closure of Nigerian Schools charging tuition in foreign currencies

Dr. Dele Alake, the Minister of Solid Minerals Development, has urged the Federal Government to take action against schools in Nigeria that accept tuition fees in foreign currencies, calling it a significant flaw that is undermining the nation’s economy.

While speaking in Abuja at the Nigeria Gold Day Celebration during the 10th Nigeria’s Mining Week, themed “Nigeria Mining: From Progress to Global Relevance,” Alake stated his intention to recommend to the Federal Executive Council (FEC) the closure of these institutions.

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He explained that tuition fees in foreign currencies increase the demand for dollars, thereby exerting pressure on the naira. “If a child is studying in Abuja or Lagos and paying in pounds or dollars, parents will need to convert naira to dollars, which pushes the dollar’s value higher. You wouldn’t expect to set up a school in the UK and charge in naira; it simply doesn’t work like that,” he pointed out.

Alake emphasized the necessity for Nigeria to revise its value system to foster a more productive and sustainable economic environment.