Dele Alake calls for closure of Nigerian schools charging in dollars

The Minister of Solid Minerals Development, Dele Alake, has called for the closure of Nigerian schools that charge tuition fees in foreign currencies, describing the practice as a major economic drain

Alake made the statement during the Nigeria Gold Day Celebration, held alongside the 10th edition of Nigeria Mining Week in Abuja on Wednesday. The event carried the theme “Nigeria Mining: From Progress to Global Relevance.”

The minister condemned the practice, saying it creates unnecessary economic leakages. “I will propose to the Federal Executive Council that all schools in Nigeria charging in foreign currencies should be closed,” he said.

Alake explained that many parents pay large sums in foreign currency for school fees, which forces them to convert naira into dollars or pounds, pushing up the value of foreign currencies unnecessarily. “If your child is attending a school in Abuja or Lagos and paying 10,000 pounds or 10,000 dollars, you are driving the dollar’s value up. You can’t open a school in the UK and charge in naira; yet this happens here, undermining the economy,” he added.

The minister emphasized the need for Nigerians to focus on activities that are productive, constructive, and beneficial for national growth.

Alake also outlined government initiatives to block financial leakages in Nigeria’s gold sector, including the use of digital systems to reduce cash transactions, curb corruption, and position Nigerian gold as a credible global medium of exchange.

He highlighted the National Gold Purchase Programme (NGPP), part of the Presidential Artisanal Gold Mining Initiative (PAGMI) and managed through the Solid Minerals Development Fund (SMDF), which enables the government to buy gold directly from artisanal miners in naira, boosting foreign reserves and stabilizing the naira.

Hajia Fatima Shinkafi, Executive Director of SMDF, noted that funding for gold exploration in Nigeria is rising, contrary to global trends. She urged stakeholders to take advantage of Nigeria’s gold resources and support efforts to make the country a leading destination for junior miners.

Nigeria Mining Week, which runs from October 13 to 15, is organised by the Miners Association of Nigeria in collaboration with PricewaterhouseCoopers (PwC) and the VUKA Group.

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