Abuja, Nigeria – Minister of Solid Minerals Development, Dr. Dele Alake, has proposed shutting down schools that charge tuition fees in foreign currencies, citing the harm it causes to Nigeria’s economy and the naira’s value.
According to Alake, the practice contributes to economic leakages and vulnerabilities, driving up demand for dollars and weakening the naira. He plans to submit a proposal to the Federal Executive Council to close schools that engage in this practice.
The minister’s call comes as the Federal Government continues to implement measures to stabilize the naira and boost the economy. The National Gold Purchase Programme (NGPP) and digital mechanisms are being introduced to block leakages in Nigeria’s gold value chain and reduce corruption.
Alake described the practice of charging fees in foreign currencies as illogical and contradictory, saying it drives up the dollar’s value and undermines the naira. He believes that shutting down these schools will help stabilize the naira and reduce inflation.
The proposal has sparked debate, with many Nigerians weighing in on the potential impact on education and the economy.
What do you think about this proposal? Should schools be allowed to charge fees in foreign currencies?
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