President Muhammadu Buhari has indicated that Nigeria cannot afford to sell forex to parents seeking to pay for children education abroad. Nigerian students studying abroad are faced with a hard time as the government continues to tighten its monetary policies.
President Muhammadu Buhari has held the position that the government cannot afford to send forex to parents paying for their children abroad. The president indicated the high demand by the parents to pay for their children had been putting pressure on the naira causing it to devalue and thereby affecting Nigerian economy at large. The president is convinced that the practice of sending forex for students abroad is responsible for the current fall of the naira value. He said that the country would no longer sell dollars to sponsor their wards in schools abroad.
According to the president, the people who can afford foreign education can go ahead and pay for their children but the country cannot allocate foreign exchange for the people who decide to school their children abroad. The current situation in Nigeria has caused the nation to continue performing poorly economically and devaluation of the naira continues to affect the economy negatively. The president also indicated that people who were given forex from the central bank to buy pharmaceutical products and thereafter divert the same to make more profits would be arrested.
Speaking during the state of the economy, he said that Nigeria was prepared to go against the advice from international monetary fund. The agency had recommended the devaluation of the local currency. A move that economist see that the value of the currency will continue to become useless if the country heeds to the advice. He also indicated that the plummeting global oil prices will only affect Nigeria in the short run but after the country recovers things will be different. He added that the citizens should support the government for economic recovery to be realized.