READY TO CRUSH JAMB? Then Join the ALLSCHOOL JAMB Lesson. Expert teachers, proven strategies. Start now, score high 🏆 Click to learn more!

Sharp Sharp: Gain DIRECT ENTRY Admission into any Nigerian University to STUDY ANY COURSE of your choice. NO JAMB | LOW FEES. Registration is in Progress. Interested? WhatsApp / Call: 0703 671 8572 or CLICK HERE

STUDY ABROAD: Further your studies abroad through Scholarships. Visit ScholarshipPark.com Now to find your desired international SCHOLARSHIPS and OPPURTUNITIES.

CBN Report Shows Nigerian Students Spent N635.49 Billion on Foreign Education in 9months

Cursory: The Central Bank of Nigeria has revealed that Nigerians seeking foreign education and ways to “Japa” spent N635 billion within nine months. This figure indicates a significant amount of money left the. Nigerian economy to other countries CBN has consistently raised concerns about Nigerians’ appetite for foreign education and its impact on foreign reserves.

The Central Bank of Nigeria (CBN) has revealed that Nigerians, in less than a year (January to September 2022), spent a whopping N635.49 billion ($1.38bn) on foreign education. The money spent covered tuition fees, accommodation, living expenses, and other related costs of studying abroad.

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has repeatedly lamented that Nigeria’s growing demand for foreign education is straining the country’s external reserves and affecting the naira exchange rate value.

DON'T MISS OUT: Stay Updated with Schools' Latest Updates on WhatsApp. Click Here and Follow our WhatsApp Channel now!

get schools' latest updates on whatsapp -allschool.ng

Foreign education is classified under personal travel allowances (PTA), recorded as debit transactions in the country’s balance of payments. The balance of payments (BoP) records all financial transactions between a country and the rest of the world over a specific period. In Q3 of 2022, the CBN reported a current account deficit of $603.14 million.

In the nine months under review, the shortfall amounted to $1 billion due to more outflows than inflows. A negative balance in the BoP means that Nigeria sent more foreign exchange to other countries during the review period than it received, thereby depleting the external reserves and negatively impacting the country’s exchange rate.

The Punch reports that the CBN notes that the outflow of funds from Nigeria to finance foreign education and other expenses has contributed to the current account shortfall.

Therefore, there is a need to prioritise investment in the Nigerian education sector to prevent capital flight and strengthen the country’s external reserves.

Read Also: Nigerians spend N91b on foreign education in 3 months – CBN report

ALLSCHOOL TEAM

Thank you so much for reading. We will appreciate it if you share this with your loved ones.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
Share via
Copy link