The Minister of Solid Minerals Development, Dr. Dele Alake, has called on the Federal Government to take decisive action against schools in Nigeria that demand tuition payments in foreign currencies such as dollars and pounds.
Alake made this strong declaration during the Nigeria Gold Day Celebration, held on the sidelines of the 10th edition of Nigeria’s Mining Week in Abuja on Wednesday, October 15, with the theme “Nigeria Mining: From Progress to Global Relevance.”
Speaking at the event, the minister condemned the practice of charging fees in foreign currencies within Nigeria, describing it as one of the economic loopholes undermining the stability of the nation’s currency and contributing to unnecessary pressure on the naira.
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,” Alake said firmly.
He explained that such practices, though often overlooked, are significant contributors to the foreign exchange crisis facing the country. According to him, the demand for foreign currencies to pay domestic tuition fees creates artificial scarcity, thereby increasing the dollar’s value against the naira.
> “If your child is attending a school in Abuja or Lagos and paying 10,000 pounds or 10,000 dollars as fees, that means you will go to the market to buy dollars with naira — a process that pushes the value of the dollar up. This is part of the economic contradictions that weaken our system,” he stressed.
Alake further pointed out that it is economically illogical for institutions operating within Nigeria’s borders to charge in foreign currencies when the same practice is not permitted in other countries.
> “You can’t go to the UK, establish a school, and start charging naira; it’s not done anywhere. It’s only in this country that we see such contradictions that demolish the economy,” he lamented.
The minister also urged Nigerians to reflect on their values and work collectively toward building an economy that thrives on productivity, innovation, and sustainable development.
> “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,” Alake emphasized.
His remarks have sparked fresh conversations about economic policy, currency regulation, and educational standards in Nigeria, with many experts agreeing that such a move, if implemented, could help reduce the country’s dependence on foreign currencies and stabilize the naira.
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