Alake calls for closure of schools charging fees in foreign currencies
By Kunle Sanni –
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, describing the practice as a major loophole undermining the nation’s economy.
According to a report by the News Agency of Nigeria (NAN), Alake made the statement on Wednesday during the Nigeria Gold Day Celebration, held on the sidelines of the 10th edition of Nigeria’s Mining Week in Abuja. The event had the theme, “Nigeria Mining: From Progress to Global Relevance.”
The minister said charging school fees in foreign currencies contributes to the rising demand for dollars, putting pressure on the naira and weakening the country’s economic stability.
“I am going to propose to the Federal Executive Council that all schools in Nigeria charging in foreign currencies should be closed,” he said. “These are some of the leakages and loopholes in our economy that people overlook. If a school in Abuja or Lagos charges $10,000 or £10,000 in tuition, parents will be forced to look for naira to buy dollars, driving up the exchange rate. You cannot go to the UK and open a school that charges in naira — it’s not done anywhere else.”
Alake added that the Federal Government is implementing several reforms to plug leakages in the solid minerals sector, especially within the gold value chain. He said the introduction of digital monitoring systems would curb interpersonal cash transactions, reduce corruption, and enhance transparency.
He explained that the National Gold Purchase Programme (NGPP), managed by the Solid Minerals Development Fund (SMDF), aims to boost Nigeria’s foreign reserves and stabilise the naira. The initiative, a component of the Presidential Artisanal Gold Mining Initiative, enables the government to purchase gold directly from artisanal miners in naira instead of using foreign exchange.
“The idea is to ensure that our gold contributes meaningfully to the economy and becomes a globally recognised means of exchange and store of value,” Alake said.
Also speaking at the event, the Executive Secretary of the SMDF, Fatima Shinkafi, said gold exploration funding in Nigeria continues to rise, defying the global trend of declining investments in the sector.
