NewStats: 3,262,008 , 8,175,859 topics. Date: Saturday, 31 May 2025 at 01:59 PM 676x1j

With the current free fall of the Nigerian currency (Naira) against the major foreign currencies (Dollar, Pound, Euro etc.), the Nigerian government under president Muhammadu Buhari has stopped the sales of forex to parents of students studying abroad.

Parents of Nigerian students abroad who just last year obtained dollar at the then official exchange rate of ₦166 are now forced to obtain the dollar at the current parallel/black market rate of over ₦300. What this means is that parents who last year paid about ₦1.6 million for a $10,000 tuition fee abroad will now have to pay about ₦3 million for the same $10,000 tuition fee in foreign Universities/Colleges or withdraw their wards.

In an interview with Al Jazeera, President Buhari while responding to a question on the challenges faced by parents with kids in schools abroad, who are now facing the possibility of having to pull their kids out, simply said “If the country cannot afford it, so be it.”

When probed further by Al Jazeera's Martine Dennis about his children who obviously will continue their studies abroad, the president said "Those who can afford it, can still afford it. But for those who can’t, Nigeria cannot afford to allocate foreign exchange for those who decided to train their children outside the country. We can’t just afford it.”
“Well, that’s the true situation we are in.”

The federal government is convinced that the high demand for forex by parents of the students studying abroad has contributed to the current free fall of the Nigerian currency.

The president also frowned on those who received foreign exchange from the Central Bank of Nigeria(CBN) at the official exchange rate but divert same to make more profits.

“Anybody who is given dollars by the CBN to import pharmaceuticals and decides to go and sell at parallel market in order to make, maybe additional N100, we will pursue them and punish them”, the president vowed.

Source: http://campusportalng.com/education/forex-nigerian-students-abroad-buhari/32252/

Well, this is the sad reality of situation on ground

end time Oyo..



that's the change we need remaining balance

Lol. Bubu funny sha

Na wa oh

.......Bubu truly belongs to nobody.

Pity

Sai barbarians, where una dey o

Thank God I sorted my fees long before all these mess ...wonder how I for survive! Sometimes sacrificing comfort pays

This kind president, you can afford to pay your children own, but those who can't afford it are on their own?.
Nigerians are in for a long thing, very soon, Buhari will say the same thing on the economy.
Welcome to Chanji.

I'm just imagining if Jonathan made this statement. The cause wey for follow am enh ! Even devil sef go dey pity am

Well what more can one say...

Is there anything wrong with what he said?

There is scarcity of dollars and most of it goes on school fees,and frivolities!

No more subsidising

banki:
Is there anything wrong with what he said?

There is scarcity of dollars and most of it goes on school fees,and frivolities!

No more subsidising

gbam

incase you have a child in his final year at the university studying medicine or "avionics" abeg send him back to Nigeria to continue from osun state university. no time.

Nigeria cannot afford to subsidize, we only subsidize when our moslem brothers want to go on pilgrimage to mecca.


sai changi

Nnemuka:

gbam

incase you have a child in his final year at the university studying medicine or "avionics" abeg send him back to Nigeria to continue from osun state university. no time.

Nigeria cannot afford to subsidize, we only subsidize when our moslem brothers want to go on pilgrimage to mecca.


sai changi

Bros it's simple economics...
Let me ask you and be sincere if you were in the president's shoes with the current fall in the price of crude and the fact that forex is scarce please tell me what you will do?

banki:


Bros it's simple economics...
Let me ask you and be sincere if you were in the president's shoes with the current fall in the price of crude and the fact that forex is scarce please tell me what you will do?

i will do exactly what buhari did, send my own kids abroad and tell other nigerians who can afford it to do so. abi na

this is utter rubbish.

While it can be seen as a luxury to send your kids overseas to school, we must never forget that it is a KEY mechanism for knowledge transfer, and remains one of the best ways to
1) TRansfer knowledge and modern trends in medicine, science and technology and other fields

2) Ensure the next generation of lecturers and academics have the most exposure to the latest developments

I much rather the Govt continues aiding students to get access to forex at official rates than keep lavishing our precious forex on dinosaurs like Dangote that pay barely any tax.

Nnemuka:

i will do exactly what buhari did, send my own kids abroad and tell other nigerians who can afford it to do so. abi na

Abeg which of buharis kids is currently in school abroad?
Besides what he simply says is if you want forex to pay for school fees go to the banks and bureau de change, govt will stop subsidizing dollars the only people that will benefit from dollar subsidy now is manufaturers

Buhari is a BASTARD

Nigerians have entered one chance

texazzpete:
this is utter rubbish.

While it can be seen as a luxury to send your kids overseas to school, we must never forget that it is a KEY mechanism for knowledge transfer, and remains one of the best ways to
1) TRansfer knowledge and modern trends in medicine, science and technology and other fields

2) Ensure the next generation of lecturers and academics have the most exposure to the latest developments

I much rather the Govt continues aiding students to get access to forex at official rates than keep lavishing our precious forex on dinosaurs like Dangote that pay barely any tax.

How do you stop rounding tripping of the dollar?

Changi na the part of changi bi Dis o..... if na Jonathan ona for say kill am cos him na 9ja delta man.... dem no fit to rule... but Buhari changi
[quote][/quote]

banki:


Bros it's simple economics...
Let me ask you and be sincere if you were in the president's shoes with the current fall in the price of crude and the fact that forex is scarce please tell me what you will do?

Then other politicians and I will send our kids abroad for better education then those that are poor to study in Nigeria. Then during job recruitment they(politicians children) will be the first to be hired. Then big inequality between the rich and the poor

Gbam! Afterall, he can afford it for his children with the government money, through tax on your hard earned money. But your children died voting for him; this is the real CHANGE. Change of destiny.

Nigerians have been short changed.

Hnmm.... change...

What happens to ptdf scholars in the UK

Buhari has gone mad again

useless man

Now adays it's actually considered a bad idea to send a child abroad for studies, without the completion of a first degree. Most especially the United States.

banki:
Is there anything wrong with what he said?

There is scarcity of dollars and most of it goes on school fees,and frivolities!

No more subsidising

Whats good for Bubu's children is also good for our children. Why can't Bubu live by example?