Schools in Nigeria charging tuition in foreign currency should be shut down, Minister Alake

The Minister of Solid Minerals Development, Dele Alake, says schools in Nigeria charging tuition fees in foreign currencies should be closed.Alake made the call at the Nigeria Gold Day Celebration on the sidelines of the 10th edition of Nigerias Mining Week, themed 'Nigeria Mining: From Progress to Global Relevance', on Wednesday, Oct. 15, in Abuja. He criticised the practice and described it as a part of the leakages and loopholes in Nigerias economy threatening its growth. 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.These are some of these leakages and loopholes that we say exist in our economy that people do not really take these things very seriously, he said.If you look at the foreign currency that goes into some of this, it is humongous.If your child is attending a school in Abuja or Lagos or somewhere in the country and is paying 10,000 pounds or 10,000 dollars as their fees, that means you will be looking for naira to go and buy dollars. Driving the value of the dollar up, whereas this school is in Abuja in Nigeria, you cant go to the UK, establish a school, and then be charging naira; its not done.Its only in this country that I see so many contradictory things that really demolish the economy, he said.According to him, we must begin to change our value system and orientation into things that are substantial, productive, constructive and regenerative for the progress of our nation. The minister said the Federal Government was introducing various measures, including digital mechanisms, to ensure that all leakages in Nigerias gold value chain were blocked and every loophole sealed. He said the move would reduce room for interpersonal transactions, thereby reducing the propensity of corruption, which would further position Nigerias gold as one of the global pillars of means of exchange of value.He said the Federal Governments National Gold Purchase Programme (NGPP), implemented through the Solid Minerals Development Fund (SMDF), was designed to shore up Nigerias foreign reserves and strengthen the naira. Alake explained that the NGPP, a component of the Presidential Artisanal Gold Mining Initiative (PAGMI), allows the government to buy gold directly from artisanal miners in naira, rather than spending foreign exchange to purchase gold internationally.The post Schools in Nigeria charging tuition in foreign currency should be shut down, Minister Alake appeared first on Linda Ikeji Blog.