Alake calls for closure of Nigerian schools charging fees in foreign currencies

The Minister of Solid Minerals Development, Dr. Dele Alake, has called for the closure of schools in Nigeria that demand tuition payments in foreign currencies such as dollars or pounds.
Speaking on Wednesday in Abuja during the Nigeria Gold Day Celebration, held as part of the 10th edition of Nigeria’s Mining Week themed “Nigeria Mining: From Progress to Global Relevance,” Alake condemned the practice, describing it as one of the economic loopholes undermining the country’s financial stability.
He said he would present a proposal to the Federal Executive Council (FEC) to shut down such institutions, stressing that charging fees in foreign currencies for schools operating within Nigeria increases pressure on the naira. “If your child is attending a school in Abuja or Lagos and you’re paying in dollars or pounds, you’re indirectly driving up the demand for foreign exchange,” Alake said. “You can’t go to the UK, open a school, and charge in naira—it’s not acceptable.”
The minister also urged Nigerians to rethink their value systems and focus on productive activities that contribute to national development. He highlighted the government’s efforts to close revenue leakages in the gold sector through digital reforms that enhance transparency and reduce corruption.
According to Alake, the Federal Government’s National Gold Purchase Programme (NGPP), managed by the Solid Minerals Development Fund (SMDF), enables the government to buy gold directly from local miners in naira. This initiative, he said, is part of the Presidential Artisanal Gold Mining Initiative (PAGMI) aimed at boosting the nation’s foreign reserves and ensuring Nigerians benefit more from the country’s mineral wealth.
In her remarks, Hajia Fatima Shinkafi, Executive Director of the SMDF, noted the increasing investment in gold exploration and encouraged both local and international investors to seize opportunities in Nigeria’s growing mining sector. The Nigeria Mining Week, which runs from October 13 to 15, is organized by the Miners Association of Nigeria in collaboration with PricewaterhouseCoopers (PwC) and the VUKA Group.
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