Minister Seeks Closure of Schools Charging Fees in Foreign Currencies

The Minister of Solid Minerals Development, Dr Dele Alake, has called for the immediate shutdown of schools in Nigeria that demand tuition fees in foreign currencies, describing the practice as an economic sabotage against the nation’s financial stability.

Alake made the declaration during the Nigeria Gold Day Celebration held alongside the 10th edition of the Nigeria Mining Week in Abuja on Wednesday. 

The event, themed “Nigeria Mining: From Progress to Global Relevance,” brought together key players in the mining and solid minerals sector.

According to the minister, allowing local schools to charge tuition in dollars or pounds contributes to the persistent pressure on the naira and worsens inflation. 

He insisted that such practices encourage capital flight and create unnecessary demand for foreign exchange.

“I intend to recommend to the Federal Executive Council that any school in Nigeria collecting fees in foreign currency should be closed down,” Alake declared. 

“You can’t operate in Nigeria and still expect parents to source dollars for tuition, that’s both exploitative and economically destructive.”

He explained that many Nigerians are forced to buy foreign currencies on the black market just to pay local tuition, indirectly driving up the exchange rate. 

“A parent in Lagos paying $10,000 for a school in Nigeria is doing the economy no favour. In other countries, you can’t open a school and charge in another nation’s currency. Only here do we allow such contradictions,” he added.

The minister also emphasised the Federal Government’s ongoing efforts to plug financial leakages within the solid minerals sector. 

He revealed that new digital systems are being deployed to curb corruption and strengthen transparency in gold production and trade.

According to Alake, the introduction of the National Gold Purchase Programme (NGPP), implemented through the Solid Minerals Development Fund (SMDF), is part of the administration’s broader plan to stabilise the naira and boost Nigeria’s foreign reserves.

“The government now buys gold directly from artisanal miners in naira. This reduces the need to import gold with foreign exchange, keeps wealth within the country, and empowers our local mining communities,” he explained.

The Executive Director of the Solid Minerals Development Fund, Fatima Shinkafi, praised the progress made in gold exploration and called for sustained investment in the sector. 

She noted that Nigeria’s gold mining industry is on an upward trajectory despite global challenges.

“Gold remains a safe-haven asset globally, and Nigeria has the potential to become one of Africa’s leading gold destinations,” Shinkafi said. 

“By next year’s Gold Day, we hope to see Nigeria recognised as a turning point for sustainable mining development.”

The 2025 Nigeria Mining Week runs from October 13 to 15, jointly organised by the Miners Association of Nigeria, PricewaterhouseCoopers (PwC), and the VUKA Group. 

The event is expected to further position Nigeria’s mining industry as a driver of economic diversification.