Within Q1 [January to March 2022], Nigerians spent $217.36 million dollars on foreign education.

$60,202,730.84 in January; $69.9m in February 2022.

There was a significant increase in March when a total of  $87.26 million was spent.

So far in Q2, Nigerians have so far expended a total of $246.2 million.

$78.62 million in April; $82.70 million in May 2022 and $84.9m in June 2022 making a total of $462 million in 2022 altogether.

Education in Nigeria, especially in the tertiary education sector, has been marred by industrial actions by tertiary institution-based unions such as the Academic Staff Union of Universities, the Academic Staff Union of Polytechnics and the Colleges of Education Academic Staff Union.

Currently, academic activities in Nigerian universities are grounded on issues bordering on lecturers’ welfare.

The data from the apex bank revealed that Nigerians remitted more than $462million to foreign academic institutions in five months without significant reciprocity in form of inflows from foreign sources to the local education sector.

The huge net dollar outflows have dual adverse effects of underinvestment in domestic education and creating pressure on the naira exchange rate.

The high demand for dollars to pay foreign educational institutions affects Nigeria’s foreign reserves and increases pressure on the exchange rate.

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.

While commenting on the state of tertiary education in Nigeria, a Professor at the Adekunle Ajasin University, Akungba, Victor Olumekun said, “Education is an essential ingredient for national development hence the government needs to substantially invest in it. However, universities can then look for other sources to complement.

“Unfortunately, our leaders have stolen more than enough to cater for their great-grandchildren that are yet to be born. They can afford to send their wards to Oxford, Cambridge that charge in excess of #35,000 per session”.

So far, the ongoing strike by ASUU seems to have no end in sight as the union has vowed to sustain its strike until the government meets its needs,

The union is seeking the release of more funding for universities; release of earned allowances; deployment of the University Transparency Accountability System for the payment of salaries and allowances of university lecturers; Renegotiation of the condition of service among others.