Minister of Solid Minerals Development, Dr. Dele Alake, has urged the Federal Government to shut down schools in Nigeria that charge tuition fees in foreign currencies.
Alake made the call during the Nigeria Gold Day Celebration, held alongside the 10th Nigeria Mining Week in Abuja. The event, themed “Nigeria Mining: From Progress to Global Relevance,” gathered stakeholders to discuss reforms in the mining sector.
He described the practice of foreign-currency billing as a major loophole weakening the economy.
“I will make a proposal to the Federal Executive Council that all schools in Nigeria charging in foreign currencies should be closed,” Alake stated.
According to him, the policy undermines the naira, as parents convert local currency to dollars or pounds for payments within Nigeria. “You can’t establish a school in the UK and charge in naira—it’s not done,” he added.
The minister said the government was taking steps to block economic leakages, especially in the solid minerals value chain. He revealed that digital systems were being deployed to reduce manual transactions and corruption risks.
Alake further noted that the National Gold Purchase Programme (NGPP), under the Solid Minerals Development Fund (SMDF), allows the government to buy gold directly from artisanal miners in naira, strengthening foreign reserves and supporting the currency.
SMDF Executive Director, Fatima Shinkafi, said funding for gold exploration in Nigeria was increasing, encouraging investors to seize the nation’s expanding opportunities.
The Nigeria Mining Week continues in Abuja from October 13 to 15, organized by the Miners Association of Nigeria in collaboration with PwC and the VUKA Group.
