Charging tuition fees in dollars or pounds? Nigeria’s Minister of Solid Minerals wants such schools shut down, calling the practice a major threat to the economy.
At the Nigeria Gold Day Celebration during the 10th Nigeria Mining Week in Abuja, Minister Dr. Dele Alake condemned schools that charge fees in foreign currency. He called it a serious economic loophole driving demand for dollars, which weakens the naira. “I will propose to the Federal Executive Council that any school doing this should be closed,” he said.
Alake emphasized the contradiction: schools physically in Nigeria charging foreign currencies like the UK or US, which undermines the economy. To fix such leakages, the government is implementing the National Gold Purchase Programme (NGPP), buying gold from miners in naira to boost foreign reserves and strengthen the local currency.
Hajia Fatima Shinkafi, Executive Director of the Solid Minerals Development Fund, encouraged investment in Nigeria’s gold sector, highlighting its role as a safe haven for wealth.
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