How Nigeria wastes unjustified wealth on overseas education | Report
26 March 2021 |
7:16 am
Despite a severe shortage of foreign exchange (forex), overseas education continues to drain the country’s resources, as Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, admitted $80 million weekly disbursements for personal travel allowances or payment of overseas school fees. The amount, which translates to $960 million yearly, is disbursed to banks to enable Nigerians to meet their forex responsibilities.
This is after a recent report indicated that Nigerians spend £30 million (about N20 billion) yearly paying tuition in the United Kingdom alone while the country’s education system grapples with challenges of underfunding, poor remuneration, and obsolete teaching facilities.
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