Schools Charging Fees in Dollars or Pounds Should Be Shut Down — Alake

The Minister of Solid Minerals Development, Dr. Dele Alake, has called on the Federal Government to immediately shut down schools in Nigeria that charge tuition fees in foreign currencies, describing the practice as a major contributor to the country’s economic instability.

Dr. Alake made the call on Wednesday in Abuja during the Nigeria Gold Day Celebration, held as part of activities marking the 10th edition of the Nigeria Mining Week, themed “Nigeria Mining: From Progress to Global Relevance.”

According to the minister, the practice of charging school fees in foreign currencies such as dollars or pounds is one of the “loopholes and leakages” draining Nigeria’s economy and putting undue 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. “These are some of the loopholes that exist in our economy which people don’t take seriously.”

He explained that when parents are forced to pay school fees in dollars or pounds for schools operating within Nigeria, they end up purchasing foreign exchange from the market, further devaluing the naira.

“If your child is attending a school in Abuja or Lagos and is paying 10,000 pounds or 10,000 dollars as fees, it means you’ll go into the market to buy dollars with naira,” he said. “That drives up the value of the dollar and weakens the naira. You can’t go to the UK, establish a school, and charge fees in naira—it’s not done. But in Nigeria, we tolerate these contradictions that destroy our economy.”

Dr. Alake stressed that the government and citizens must work together to correct the nation’s “value system,” advocating for more productive and patriotic economic behavior that strengthens local industries and preserves the integrity of the national currency.

The minister also spoke about ongoing government efforts to plug financial leakages within the solid minerals sector, particularly the gold value chain, through digital monitoring and transparency initiatives.

He highlighted the National Gold Purchase Programme (NGPP), implemented through the Solid Minerals Development Fund (SMDF), which enables the Federal Government to buy gold directly from local miners in naira — a move aimed at boosting foreign reserves and stabilizing the economy.

“The NGPP is an integral part of the Presidential Artisanal Gold Mining Initiative (PAGMI). It ensures that Nigeria benefits more from its mineral wealth while curbing illegal exports and currency flight,” Alake explained.