CBN: Foreign Education Gulps $220m In 3 Months

By Tosin Olatokunbo

At least $220 million was spent by Nigrians on foreign education within three months, according to figures made available by the Godwin Emefiele-led Central Bank of Nigerian, CBN.

Many Nigerians are worried that the amount spent on foreign education is having a serious toll on the nation’s foreign resrves and the stability of the Naira. The foreign reserves stood at $39 billion,  while Naira exchanged for N600 per dollar at the end of work last week.

The figure, financial experts say, is excluding foreign exchange, sourced from the open market by Nigerians who are desirous of their wards schooling out of the shores of the country. The exact figure of how much is spent- in foreign currency- by the rich to educate their children abroad may never be known, those familiar with the issue told the magazine.
“The figure that the CBN provided is based on the foreign exchange request made by Nigerians though the official window. By the time you add foreign exchange sourced for that purpose from the bureau de change, you will realise that what’s provided by the apex bank is just a shadow of the actual figure,” a source said.
According to the figures contained in the CBN data in the educational service category, the apex bank said over $90 million ws spent in December last year on the item, while the figure rose from $60 million in January to $70 million in February this year. The bank has yet to release the figure for March, April and May.
Those monitoring the situation insist that the figure will continue to go up, as long as few privileged Nigerians try to get qualitative education for their wards, in the face of decay in the nation’s educational systems, and incessant strike by unions in the country’s ivory towers.
The experts, also say that it will be very difficult to stop this aspect of foreign exchange flight as long as government officials are attracted to foreign education for their children.
Recently, Nigerians have been unhappy at the number of top government officials whose children graduated from foreign schools. They include the children of President Muhammadu Buhari, Vice President Yemi Osinbajo, former Senate President Bukola Saraki, amongst others.
A bill to stop government officials from sending their children to school in foreign countries, sponsored by Sergius Ogun, a member of the House of Representatives was also recently shut down by majority of the members of the lower chamber of the National Assembly.
Specifically, the bill sought to ensure that only public officers who can show they can afford foreign education for their children without using public funds are allowed to do so.