Foreign Education Gulped $609.5m In Eight Months — CBN


Nigerians spent $609.5m on foreign education between January and August 2022, The PUNCH has learnt.

The figure is contained in the data obtained from the Central Bank of Nigeria, calculated based on the information provided on the amount spent on educational services under the sectoral utilisation for transactions valid for foreign exchange.

In January 2022, the apex bank noted that a total of $60,202,730.84 was spent on foreign education, while noting that $69.9m was spent in February 2022.

In March 2022, there was a significant increase as the bank stated that $87.26m was spent.

Foreign Education Gulped $609.5m In Eight Months — CBN

In April, there was a little reduction as a total of $78.62m was recorded by the apex bank.

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.