Minister Calls for Closure of Schools Charging Tuition in Foreign Currencies

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, labeling the practice as harmful to the country’s economy.

Speaking on Wednesday during the Nigeria Gold Day Celebration, held on the sidelines of the 10th Nigeria Mining Week in Abuja, Alake criticized the growing trend and vowed to raise the issue at the Federal Executive Council (FEC).

“I plan to propose that all schools operating in Nigeria and charging fees in foreign currencies be shut down,” Alake stated. “This is one of the economic loopholes and leakages weakening our financial system, but many do not realize its seriousness.”

He stressed that the practice increases demand for foreign currencies, driving up exchange rates unnecessarily.

“If a school in Abuja or Lagos is charging $10,000 or £10,000, parents are forced to convert naira to obtain those currencies. This pushes the dollar’s value higher in the local market,” he explained. “You can’t open a school in the UK and charge in naira  yet in Nigeria, this is allowed.”

Alake linked this issue to broader economic instability, highlighting it as one of several contradictions damaging Nigeria’s financial ecosystem.

He also discussed the Federal Government’s efforts to curb corruption and illicit financial flows within the mining sector. Through the National Gold Purchase Programme (NGPP), the government now buys gold directly from artisanal miners using naira, a move designed to boost foreign reserves and strengthen the national currency.

Fatima Shinkafi, Executive Director of the Solid Minerals Development Fund (SMDF), noted that while global gold exploration funding has seen a downturn, Nigeria’s investment is on the rise. She encouraged stakeholders to tap into the country’s gold potential.

“We urge everyone here to explore Nigeria’s gold resources and support the minister’s efforts to make Nigeria a key destination for junior miners,” she said. “Let Gold Day 2025 be seen as a turning point in our journey.”

The 2025 Nigeria Mining Week, held from October 13 to 15, was organized by the Miners Association of Nigeria in collaboration with PricewaterhouseCoopers and the VUKA Group.