Nigerians Spend $221m On Foreign Education In Three Months – CBN

An analysis of data obtained from the Central Bank of Nigeria showed that Nigerians spent at least $220.86 million on foreign education between December 2021 and February 2022.

This is according to the CBN data on the amount spent on educational service under the sectoral utilisation for transactions valid for foreign exchange for December 2021 to February 2022.

In December 2021, the apex bank stated that it spent $90.67m on foreign education.

The CBN also noted that in January 2022, a total of $60,202,730.84 was spent on foreign education, while noting that $69.9m was spent in February 2022.

Though, the bank has not updated the amount spent in March, April and May, it noted that the amount it indicated in December 2021 and January 2022 might be subject to change in future

The Punch reports that education in Nigeria most especially in the tertiary education sector has mostly been marred by industrial actions by tertiary institution-based unions such as the Academic Staff Union of Universities, and the Academic Staff Union of Polytechnics.

Currently, academic activities in Nigerian universities and polytechnics are grounded on issues bordering on lecturers’ welfare.

While ASUU has been on strike for close to three months, polytechnic lecturers just commenced a two-week warning strike.

The data from the apex bank revealed that Nigerians remitted more than $220m to foreign academic institutions in three months without significant reciprocity in form of inflows from foreign sources to the local education sector.

-Punch