The Minister of Solid Minerals Development, Dr. Dele Alake, has called for the closure of all schools in Nigeria that charge tuition fees in foreign currencies, describing the practice as an “economic loophole” that undermines the nation’s financial stability.
Alake made the remarks on Wednesday, October 15, during the Nigeria Gold Day Celebration, held alongside the 10th edition of Nigeria’s Mining Week in Abuja. The event was themed “Nigeria Mining: From Progress to Global Relevance.”
The minister condemned schools demanding fees in dollars or pounds, noting that the practice contributes to the rising demand for foreign exchange and weakens the naira.
“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,” Alake said. “These are some of the leakages and loopholes in our economy that people do not take seriously.”
He explained that paying for local education in foreign currency drains the economy and fuels dollar inflation.
“If your child attends a school in Abuja or Lagos and pays 10,000 pounds or dollars as fees, you’ll need to buy foreign currency with naira, driving up its value artificially. You can’t go to the UK and open a school that charges in naira—it’s not done,” he stated.
Alake urged Nigerians to reform their value system, stressing the need to focus on productive, sustainable, and regenerative economic activities.
The minister also revealed that the Federal Government was adopting digital mechanisms to plug leakages in the gold value chain, reduce corruption, and boost Nigeria’s position in the global gold market.
He added that the National Gold Purchase Programme (NGPP), implemented through the Solid Minerals Development Fund (SMDF), would strengthen the naira and increase the nation’s foreign reserves by enabling the government to buy gold directly from artisanal miners in naira rather than spending foreign exchange.
