Minister of Solid Minerals Development, Dr. Dele Alake, has urged the Federal Government to shut down schools in Nigeria charging tuition in foreign currencies, describing it as a major loophole w+akening the nation’s economy.
Speaking in Abuja during the Nigeria Gold Day Celebration at the 10th Nigeria’s Mining Week, themed “Nigeria Mining: From Progress to Global Relevance,” Alake said he would propose to the Federal Executive Council (FEC) that all such schools be closed.
He argued that charging in foreign currencies fuels demand for dollars and puts pressure on the naira. “If your child is schooling in Abuja or Lagos and paying in pounds or dollars, you will be looking for naira to buy dollars, driving its value up. You can’t go to the UK, establish a school, and charge in naira it’s not done,” he said.
Alake stressed that Nigeria must change its value system to support productive and constructive activities that strengthen the economy. He also highlighted the government’s digital reforms to block leakages in the gold value chain, citing the National Gold Purchase Programme (NGPP) implemented through the Solid Minerals Development Fund (SMDF) as a key initiative to curb corr¥ption and boost foreign reserves.
According to him, the Presidential Artisanal Gold Mining Initiative (PAGMI) enables the government to buy gold directly from local miners in naira, ensuring Nigeria benefits more from its mineral resources.
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