In a move to protect the national currency, the Minister of Solid Minerals Development, Dr. Dele Alake, has demanded the immediate closure of Nigerian schools charging tuition in foreign currencies. He identified the practice as a major economic leakage that is actively sabotaging the Naira.
Speaking at the Nigeria Gold Day Celebration in Abuja, the minister declared the government’s intention to present a formal proposal to the Federal Executive Council (FEC) to sanction these institutions.
“I will propose to the Federal Executive Council that all schools in Nigeria charging in foreign currencies should be closed. These are part of the leakages weakening our economy,” Alake stated emphatically.
He condemned the economic contradiction, explaining that when Nigerians pay dollars or pounds to schools operating within the country, it artificially inflates the demand for foreign exchange, thereby putting immense pressure on the Naira’s value.
“You can’t establish a school in the UK and charge fees in Naira. It’s only in this country that we see such contradictions that destroy the economy,” Alake added, highlighting the need for a fundamental shift in national values towards productivity and economic patriotism.
Parallels in the Solid Minerals Sector
The minister’s stance aligns with ongoing government efforts to block financial leakages across sectors. He highlighted the National Gold Purchase Programme (NGPP) as a model of this new approach. Implemented through the Solid Minerals Development Fund (SMDF), the programme allows the government to purchase gold directly from local miners in Naira.
This strategy is designed to bolster the nation’s reserves, stabilize the currency, and keep economic value within the country—a principle he now seeks to apply to the education sector.
The 10th edition of Nigeria’s Mining Week, themed “Nigeria Mining: From Progress to Global Relevance,” also featured comments from the SMDF Executive Director, Hajiya Fatima Shinkafi, who reported rising investment in gold exploration and urged investors to capitalize on Nigeria’s mining opportunities. The event runs from October 13 to 15.