Data from the Central Bank of Nigeria revealed that $695.85m was released for educational purposes between January and September 2022.
The figure, which was released on January 22, 2023, did not include the forex obtained from the black market.
The figure was contained in the data obtained from the apex bank, calculated 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 “$60,202,730.84 was spent on foreign education”, while noting that “$69.9m was spent in February 2022.”
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