Central Bank Of Nigeria Releases $3.5bn For Foreign Education

The Central Bank of Nigeria revealed that Nigeria’s educational sector suffered massive capital flight during the regime of President Muhammadu Buhari. <br />The CBN’s balance of payment statistics, Nigerians have spent a hefty sum of $3.5bn on foreign education in the past seven years (June 2015 to August 2022). <br />Data gathered from the CBN from the amount spent on educational services under the sectoral utilization for transactions valid for foreign exchange, a sum of $375.99 million was released by the apex bank between June 2015 and December 2015, <br />Further analysis of the data revealed that a total of $269.1 million was released in 2016.