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.
Speaking on Wednesday in Abuja during the Nigeria Gold Day Celebration, held alongside the 10th edition of Nigeria’s Mining Week themed “Nigeria Mining: From Progress to Global Relevance,” Alake condemned the practice.
He described it as a form of economic leakage and a loophole that poses a threat to Nigeria’s growth.
“I am still going to make a proposal to the Federal Executive Council that all those schools in Nigeria that are charging in foreign currencies should be closed.
“These are some of these leakages and loopholes that we say exist in our economy that people do not really take these things very seriously,” he said.
“If you look at the foreign currency that goes into some of this, it is humongous.
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“If your child is attending a school in Abuja or Lagos or somewhere in the country and is paying 10,000 pounds or 10,000 dollars as their fees, that means you will be looking for naira to go and buy dollars.
“Driving the value of dollar up, whereas this school is in Abuja in Nigeria, you can’t go to UK, establish a school, and then be charging naira, it’s not done.
“It’s only in this country that I see so many contradictory things that really demolish the economy,” he said.
The minister stated that the Federal Government is rolling out various measures, including digital systems, to close all leakages in Nigeria’s gold value chain and seal existing loopholes.
He explained that the initiative would minimize direct interpersonal transactions, curb corruption, and help establish Nigeria’s gold as a key global medium of value exchange.
Alake highlighted that the National Gold Purchase Programme (NGPP), executed through the Solid Minerals Development Fund (SMDF), is aimed at boosting Nigeria’s foreign reserves and strengthening the naira.
He added that under the NGPP, which forms part of the Presidential Artisanal Gold Mining Initiative, the government purchases gold directly from artisanal miners in naira, reducing the need for foreign exchange to buy gold abroad.
