Recent findings obtained from the Central Bank of Nigeria have revealed that Nigerians spent $609.5m on foreign education between January and August 2022.
The sum was determined using information from the CBN on the amount spent on educational services under the sectoral utilisation for transactions that qualify for foreign exchange.
The apex bank said that a total of $60,202,730.84 was spent on international education in January 2022, while $69.9 million was spent in February 2022.
There was a considerable increase in March 2022, when the bank reported spending $87.26 million.
Also, there was a slight decline in April as the apex bank registered a total of $78.62m.
The figure for May 2022 was stated as $82.70m.
Further analysis revealed that in June 2022, the apex bank released $84.90m, while a total of $61.99m was released in July 2022.
A slight increase was recorded in August 2022 when a total of $84.01 million was released.
According to The PUNCH, Nigerians have kept going abroad in large numbers to pursue degrees from international universities.
According to recently disclosed data from the UK’s home office, the number of study visas granted to Nigerians surged by 222.8%, with 65,929 being awarded as of June 2022 as opposed to 20,427 during the same period in 2021.
According to The PUNCH, industrial actions by tertiary institution-based unions like the Academic Staff Union of Universities, the Academic Staff Union of Polytechnics, and the Colleges of Education Academic Staff Union have harmed education in Nigeria, particularly in the tertiary education sector.
Currently, academic activities are not taking place in Nigerian universities and institutions of education because of problems including, among other things, the well-being of professors.
According to CBN data, Nigerians sent more than $609.5 million to international academic institutions in just eight months without receiving a sizable amount of foreign funding for the domestic educational system.
The PUNCH reports that the United Nations Educational Scientific and Cultural Organisation observed that about 76,338 Nigerians were studying abroad as of 2018, the highest from an African country.
Commenting on the development, Programme Director of Reform Education Nigeria, Ayodamola Oluwatoyin, stated, “The truth is that most people see ‘japa’ as a means of survival. People just want to leave the country and that is fine. The ASUU strike is close to eight months now.
“Most of the policies by the government itself are anti-youth; the government has made the economy difficult for youths to thrive. Most people are still going to leave before the end of the year and to be honest, it is very sad; this is brain drain and the country has not even realised it yet.”
