Data acquired on Sunday from the Central Bank of Nigeria’s website indicated 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).
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. Only the data from January to August of 2022 has been made accessible thus far, and it shows that $609. 5 million has been distributed in total.
According to statistics from the apex bank, under Buhari, Nigerians sent more than $3. 5 billion to international academic institutions without receiving a sizable amount of foreign funding for the nation’s education system. According to economists, the massive net dollar withdrawals have two negative effects: they underinvest in local 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.