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Dr Dele Alake, Minister of Solid Minerals Development, calls for shutting schools demanding tuition in dollars or pounds.
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Statement made at Nigeria Gold Day Celebration during the 10th Nigeria Mining Week in Abuja.
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Minister links foreign-currency school fees to economic leakages, naira depreciation, and corruption risks.
The Minister of Solid Minerals Development, Dr Dele Alake, has declared that schools in Nigeria charging tuition fees in foreign currencies should be shut down.
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Alake made the announcement during the Nigeria Gold Day Celebration on the sidelines of the 10th Nigeria Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance”. He criticised the practice, describing it as a major loophole contributing to the leakage of foreign currency and undermining Nigeria’s economic growth.
“If your child is attending a school in Abuja or Lagos and paying 10,000 pounds or 10,000 dollars as fees, you will have to buy foreign currency with naira, driving up the dollar’s value. This contradicts economic logic,” he said.
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Alake added that he would propose to the Federal Executive Council that all schools charging foreign fees be closed. He also explained that the Federal Government is implementing measures, including digital mechanisms, to seal leakages in Nigeria’s gold value chain, positioning gold as a strategic pillar for national wealth and foreign reserve accumulation.
The Minister highlighted the National Gold Purchase Programme (NGPP), which allows the government to purchase gold directly from artisanal miners in naira, reducing reliance on foreign exchange. Fatima Shinkafi, Executive Director of the Solid Minerals Development Fund, noted that funding for gold exploration in Nigeria is increasing and encouraged participants to tap into the country’s gold potential.
The Nigeria Mining Week, organised by the Miners Association of Nigeria in partnership with PwC and the VUKA Group, ran from October 13 to 15, 2025, promoting gold as a key contributor to Nigeria’s economic stability.
