Minister moves against schools charging fees in foreign currencies

Minister moves against schools charging fees in foreign currencies

Dr. Dele Alake, Minister of Solid Minerals Development, says Nigerian schools that charge tuition in foreign currencies should be closed.

On Wednesday in Abuja, Alake made the call during the Nigeria Gold Day Celebration, which was held in conjunction with the 10th edition of Nigeria Mining Week, themed Nigeria Mining: From Progress to Global Relevance.

He criticized the practice, describing it as one of the leaks and flaws in Nigeria’s economy that jeopardize its 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.

“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.

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“Driving the value of the dollar up, whereas this school is in Abuja in Nigeria, you can’t go to the 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 was introducing various measures, including digital mechanisms, to ensure that all leakages in Nigeria’s gold value chain were blocked and every loophole sealed.

He stated that the move will lessen the need for human transactions, lowering the likelihood of corruption and further positioning Nigeria’s gold as one of the world’s pillars of value exchange.

He stated that the Federal Government’s National Gold Purchase Programme (NGPP), which was administered through the Solid Minerals Development Fund (SMDF), was intended to boost Nigeria’s foreign reserves and strengthen the naira.

Alake stated that the NGPP, which is part of the Presidential Artisanal Gold Mining Initiative, allows the government to acquire gold directly from artisanal miners in naira rather than using foreign currencies to buy gold abroad.

In her remarks, SMDF’s Executive Director, Fatima Shinkafi, stated that, contrary to worldwide trends, gold exploration funding in Nigeria is increasing.

Shinkafi explained that gold serves as a safe-haven asset in a broader macroeconomic context and encouraged conference attendees to investigate Nigeria’s gold prospects.

“We implore everyone here to examine Nigeria’s gold resources and support the minister’s efforts to make Nigeria a premier destination for junior miners.

“In another year or so, let’s look at Nigeria’s Gold Day 2025 as a pivotal turning point,” she said.

The Nigeria Mining Week, holding from October 13 to 15, is organized by the Miners Association of Nigeria in partnership with PricewaterhouseCoopers and the VUKA Group.

Minister moves against schools charging fees in foreign currencies