The Minister of Solid Minerals Development, Dele Alake, has urged the Federal Government to introduce a policy banning Nigerian schools from charging tuition fees in foreign currencies.
Alake noted that such a policy is necessary to curb the growing trend among private educational institutions, particularly at the tertiary level, where schools demand payment in dollars, a practice he said undermines the nation’s economy and weakens the value of the naira.
The minister made the call during the Nigeria Gold Day Celebration, held as part of the 10th Nigeria Mining Week in Abuja, which brought together government officials, investors, and stakeholders in the mining sector.
While addressing participants yesterday, he expressed concern that some private schools operating within Nigeria demand tuition payments in dollars or pounds sterling, forcing parents to buy foreign currency locally and thereby putting additional pressure on the naira.
“If your child attends a school in Abuja or Lagos and you are asked to pay $10,000 or £10,000 as school fees, it means you’ll have to look for naira to buy dollars – driving up the exchange rate – even though the school is right here in Nigeria,” Alake said.
The minister described the practice as a serious “economic leakage” that erodes monetary stability and pledged to present a proposal to the Federal Executive Council (FEC) recommending that such schools be shut down.
He explained that the move aligns with the Federal Government’s broader goal of promoting national values and economic self-reliance while discouraging practices that contribute to capital flight and currency depreciation.
Alake also called on Nigerians to support homegrown economic systems and reject social trends that promote the use of foreign currencies within the country.
The issue of charging school fees in foreign currencies has sparked repeated warnings from regulatory bodies, including the Nigerian Universities Commission (NUC) and the Economic and Financial Crimes Commission (EFCC), which have declared such payments illegal except under specific international arrangements.
If implemented, the proposed policy could compel many private schools to restructure their fee systems, a move experts say could reduce unnecessary demand for foreign exchange and help strengthen the naira over time.
