CBN releases $3.5bn for foreign education under Buhari

Data obtained on Sunday from the Central Bank of Nigeria’s website revealed that under President Major General Muhammadu Buhari, the educational sector of Nigeria saw significant capital flight (retd).

According to figures on the CBN’s balance of payments, Nigerians spent a significant amount on international education during the past seven years—$3.5 billion (June 2015 to August 2022).Information Guide Nigeria

According to The PUNCH, industrial strikes by unions like the Academic Staff Union of Universities and the Academic Staff Union of Polytechnics have harmed education in Nigeria, particularly in the tertiary education sector.

Universities, polytechnics, and institutions of education in Nigeria recently suspended academic operations for several months in 2022.

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A total of $375.99 million was granted by the central bank between June 2015 and December 2015, according to CBN data derived from the amount spent on educational services under the sectoral utilisation for transactions valid for foreign exchange.

Additional data analysis showed that $269.1 million in total was released in 2016.

When the apex bank revealed that a total of $514.16 had been released for international education, there was a significant increase.

According to economists, the massive net dollar withdrawals have two negative effects: they underinvest in domestic education and put pressure on the value of the naira.

Nigeria’s foreign reserves are negatively impacted by the strong demand for dollars needed to pay for overseas educational institutions, which also adds significantly to the pressure on the currency rate.JAMB Result

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