Nigeria’s Govt disburses $609.5m forex on education in eight months

Nigeria’s Central Bank has disburses $609.5m forex on foreign education between January and August 2022.

The figure 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 disbursed.

In April, there was a little reduction as a total of $78.62m was recorded by the apex bank.

In May 2022 $82.70m was recorded, while further analysis revealed that in June 2022, the apex bank released $84.90m, and $61.99m in July 2022.

A slight increase was recorded in August 2022 when a total of $84.01 million was released.

However, 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 percent, with 65,929 issued as at June 2022 as against 20,427 in 2021, for the same period.