Minister of Solid Minerals Development, Dr. Dele Alake, has called on the Federal Government to shut down Nigerian schools charging tuition in foreign currencies, labelling it a significant weakness undermining the country’s economy.

During the Nigeria Gold Day Celebration at the 10th Nigeria’s Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance,” Alake stated he plans to suggest to the Federal Executive Council (FEC) that these schools be closed.

He argued that charging in foreign currencies fuels demand for dollars and puts pressure on the naira. “If your child is schooling in Abuja or Lagos and paying in pounds or dollars, you will be looking for naira to buy dollars, driving its value up. You can’t go to the UK, establish a school, and charge in naira it’s not done,” he said.

Alake emphasised the need for Nigeria to transform its value system to promote productive activities that bolster the economy. He highlighted the government’s digital reforms aimed at reducing leakages in the gold value chain, mentioning the National Gold Purchase Programme (NGPP) operated via the Solid Minerals Development Fund (SMDF) as a key step to combat corruption and increase foreign reserves.

He also noted that the Presidential Artisanal Gold Mining Initiative (PAGMI) allows the government to purchase gold directly from local miners in naira, enabling Nigeria to gain more value from its mineral resources.

ASA