LunagisthubNigeria’s Minister Calls for Closure of Schools Charging Foreign Currency Fees
The Minister of Solid Minerals Development, Dr. Dele Alake, has urged the Federal Government to shut down schools in Nigeria that charge tuition fees in foreign currencies. Alake made this call at the Nigeria Gold Day Celebration, emphasizing that this practice contributes to Nigeria’s economic woes.
According to Alake, schools charging foreign currencies exacerbate the country’s economic challenges. When parents pay fees in dollars or pounds, they must exchange naira for the foreign currency, driving up demand and potentially weakening the naira. This practice also highlights the need for a more robust economy.
The Federal Government is taking steps to address these issues. The National Gold Purchase Programme (NGPP) aims to boost foreign reserves and strengthen the naira by buying gold directly from artisanal miners in naira. Digital mechanisms will also be implemented to prevent leakages in Nigeria’s gold value chain .
The call to shut down schools charging foreign currency fees is part of a broader effort to stabilize Nigeria’s economy. By promoting the use of naira and curbing foreign currency transactions, the government hopes to reduce corruption and strengthen the nation’s financial system. Other government agencies, like the Economic and Financial Crimes Commission (EFCC), are also working to enforce this policy, ensuring compliance from schools and other businesses .
Lunagisthub
