Nigeria’s Alake Slams Dollar-Charging Schools: Shutdown Call to Plug Naira Leakage and Boost Economy
In a fiery takedown that’s igniting debates across Africa’s largest economy, Nigeria’s Minister of Solid Minerals Development has vowed to push for the closure of private schools demanding tuition in dollars or pounds—labeling it economic sabotage that bleeds the naira dry.
Dele Alake schools, foreign currency tuition Nigeria, Nigeria economic leakage, shutdown private schools, and naira protection measures are exploding in U.S. searches as Nigerian-Americans weigh the fallout for families back home. Speaking at the Nigeria Gold Day Celebration in Abuja on October 15, 2025—part of the 10th Nigeria Mining Week themed “Nigeria Mining: From Progress to Global Relevance”—Dr. Dele Alake didn’t mince words. “I am still going to make a proposal to the Federal Executive Council that all those schools in Nigeria that are charging in foreign currencies should be closed,” he declared, slamming the practice as a “humongous” drain on national resources.
Alake’s outburst zeroed in on the vicious cycle: Parents scrambling to convert depreciating naira into hard currencies for local institutions in Lagos or Abuja, inadvertently fueling black-market dollar demand and hammering the exchange rate. “If your child is attending a school in Abuja or Lagos… and is paying 10,000 pounds or 10,000 dollars as their fees, that means you will be looking for naira to go and buy dollars. Driving the value of dollar up,” he explained. He drew a stark parallel: “You can’t go to UK, establish a school, and then be charging naira, it’s not done. It’s only in this country that I see so many contradictory things that really demolish the economy.”
This isn’t Alake’s first rodeo on economic patriotism. Appointed in 2023 under President Bola Tinubu’s reformist cabinet, the former journalist-turned-minister has championed the National Gold Purchase Programme (NGPP), letting the government snag artisanal gold in naira to pad foreign reserves without forex splurges. At the event, he touted digital tweaks to seal gold-chain loopholes, curbing corruption and positioning mining as Nigeria’s forex lifeline. Fatima Shinkafi, Executive Director of the Solid Minerals Development Fund, backed the vibe, urging global miners to tap Nigeria’s gold rush: “In another year or so, let’s look at Nigeria’s Gold Day 2025 as a pivotal turning point.”
The backdrop? Nigeria’s naira has nosedived over 70% against the dollar since 2023, thanks to subsidy cuts and floating rates under Tinubu’s playbook. Private schools, especially elite internationals catering to expat and affluent kids, have hiked fees in dollars to hedge inflation—sparking outrage as middle-class families foot bills rivaling U.S. community college tuitions. A 2024 EFCC warning already branded it “criminal,” but enforcement lagged until Alake’s salvo.
Reactions are pouring in hot and heavy. On X, Instablog9ja’s post racked up 157 likes and 58 replies in hours, with users split: “Finally, someone calling out these profit-hungry schools!” cheered one, while another fired back, “What about fixing public schools first? This is elite scapegoating.” Peoples Gazette’s thread drew 9 likes and 7 reposts, amplifying Alake’s “contradictions destroying Nigeria’s economy” line. Education economist Dr. Afolabi Oluwaseun, via a Vanguard op-ed, hailed it as “overdue fiscal hygiene,” warning unchecked outflows could siphon $500 million yearly from education—equivalent to half Nigeria’s health budget. But critics like the Private Schools Association of Nigeria whisper of legal pushback, arguing global curricula justify dollar pegs.
For U.S. readers with Nigerian ties—over 400,000 strong in states like Texas and New York—this stokes real stakes. Economically, a stabilized naira could ease remittance pains; the $20 billion annual U.S.-Nigeria corridor might stretch further without forex frenzy, propping U.S. banks’ Africa desks. Lifestyle hits families juggling dual continents: Diaspora parents wiring funds for kids’ schooling face steeper hurdles, nudging more toward affordable U.S. community colleges or online options. Politically, it nods to Tinubu’s anti-corruption crusade, mirroring U.S. Treasury hawks eyeing African currency manipulators. Technologically, Alake’s digital gold fixes hint at blockchain tracking for fees, inspiring U.S. fintechs like Remitly to innovate cross-border education payments. Sports? Nigerian soccer academies, often dollar-funded, could scramble, affecting talents eyeing MLS dreams.
User intent here skews protective: Nigerian parents and expats hunt policy updates, affordable school lists, and naira-hedging tips amid volatility. Education Ministry brass are gearing up—expect audits and fines pre-FEC vote—while apps like PiggyVest push naira-only savings plans. Management’s mandate? Enforce without chaos, perhaps grandfathering current students to dodge lawsuits.
Circling back to the core fight, Alake’s shutdown pledge spotlights a raw nerve in Nigeria’s growth story: Plug the leaks, unleash the potential. As Dele Alake schools, foreign currency tuition Nigeria, Nigeria economic leakage, shutdown private schools, and naira protection measures trend harder, this could rewrite rules for a fairer education marketplace—one naira at a time.
By Sam Michael
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