Foreign education costs $378m without reciprocity from overseas
By Jeph Ajobaju, Chief Copy Editor
Education of Nigerian students in universities and other tertiary schools in overseas countries cost $378.77 million between January and May 2022, according to data compiled the Central Bank of Nigeria (CBN).
The data shows the spending as follows:
- January – $60.20 million
- February – $69.9 million
- March – $87.26 million
- April – $78.62 million
- May – $82.70 million
Total – $378.77 million
Nigeria’s tertiary education is marred by strikes by unions such as the Academic Staff Union of Universities (ASUU), the Academic Staff Union of Polytechnics (ASUP), and the Colleges of Education Academic Staff Union (CEASU).
ASUU has been on strike since February and has since been joined by other academic and non-academic unions in tertiary institutions pressing the federal governor for better pay and facilities.
CBN data shows that Nigerians remitted more than $378.77 to foreign academic institutions in the first five months of 2022 without significant reciprocity in form of inflows from foreign sources to the local education sector.
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Pressure on naira
The PUNCH writes that the huge net dollar outflows have the dual adverse effects of under-investment in local education and piling pressure on naira.
The high demand for dollars to pay foreign educational institutions affects Nigeria’s foreign reserves and increases pressure on exchange rate.
The United Nations Educational Scientific and Cultural Organisation (UNESCO) said about 76,338 Nigerians were studying abroad in 2018, the highest from an African country.
“The truth is that there is a need for increased funding in the education sector. This is one of the reasons why ASUU is on strike,” said Gbolahan Bolarin, ASUU Chairman at the Federal University of Technology, Minna.
“If the education sector is well-funded, lecturers are well paid as and when due, you will not have a situation where people will rather go outside the country to seek education. Have you ever seen foreigners come to Nigeria to get education?”
