In 8 months, Nigerians spent $609.5m on foreign education

Figures from the Central Bank of Nigeria (CBN) show that Nigerians spent $609.5m on foreign education between January and August 2022.

This is 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.

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.

Nigerians have continued to troop out in their numbers in pursuit of foreign academic qualifications.

Recent data released by the home office of the United Kingdom revealed that the number of study visas released to Nigerians increased by 222.8 per cent, with 65,929 issued as at June 2022 as against 20,427 in the same period in 2021.