Minister Dele Alake Calls for Closure of Nigerian Schools Charging Tuition in Foreign Currencies
The Minister of Solid Minerals Development, Dele Alake, has called for the closure of Nigerian schools that charge tuition fees in foreign currencies, describing the practice as a significant drain on the nation’s economy. Alake made the remarks during the Nigeria Gold Day Celebration, held alongside the 10th edition of Nigeria Mining Week in Abuja on Wednesday. The event carried the theme “Nigeria Mining: From Progress to Global Relevance.” “I am going to propose to the Federal Executive Council that all schools in Nigeria charging in foreign currencies should be shut down,” Alake said, condemning the practice as one of several economic loopholes that hinder national development. He highlighted the scale of the issue, noting that many parents pay enormous sums in foreign currency for school fees. “If your child is attending a school in Abuja or Lagos paying 10,000 pounds or 10,000 dollars, you then have to convert naira to dollars, driving the value of the dollar up. You can’t establish a school in the UK and charge in naira; it’s only in this country that such contradictions harm the economy,” he lamented. Alake also emphasized the need for Nigerians to focus on productive, constructive, and regenerative activities that contribute to national growth. The minister further outlined government efforts to curb financial leakages within Nigeria’s gold sector, including the adoption of digital systems to reduce cash transactions, limit corruption, and position Nigerian gold as a globally credible medium of exchange. He explained that the National Gold Purchase Programme (NGPP), part of the Presidential Artisanal Gold Mining Initiative (PAGMI) and administered through the Solid Minerals Development Fund (SMDF), allows the government to buy gold directly from artisanal miners in naira, helping boost foreign reserves and stabilise the naira. Hajia Fatima Shinkafi, Executive Director of the SMDF, noted that gold exploration funding in Nigeria is increasing, contrary to global trends. She urged stakeholders to capitalise on Nigeria’s gold resources and support initiatives aimed at making the country a top destination for junior miners. The Nigeria Mining Week, which runs from October 13 to 15, is organised by the Miners Association of Nigeria in partnership with PricewaterhouseCoopers (PwC) and the VUKA Group.