Foreign education gulped $695m in nine months — CBN

Between January and September 2022, $695.85 million was granted for educational purposes, according to data from the Central Bank of Nigeria.

The sum that was made public on January 22, 2023, did not include currency acquired illegally.

The amount was estimated using information on the amount spent on educational services under the sectoral utilisation for transactions eligible for foreign exchange and was included in the data collected from the apex bank.

The apex bank said that in January 2022, “$60,202,730.84 was spent on overseas education,” while in February 2022, “$69.9m was spent.”

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There was a considerable increase in March 2022, when the bank reported spending $87.26 million.

There was a slight decline in April as the apex bank registered a total of $78.62m.

The estimate for May 2022 was $82.70 million.
The apex bank released $84.90 million in June 2022 and $61.99 million in July 2022.

When $84.01m was released in August 2022, there was a small rise.

In September 2022, $86.34m was released for the same purpose.