Data obtained from the website of the Central Bank of Nigeria on Sunday revealed that Nigeria’s educational sector suffered massive capital flight during the administration of President Muhammadu Buhari.
Using the CBN’s balance of payment statistics, Nigerians have specifically spent a hefty sum of $3.5bn on foreign education in the past seven years (June 2015 to August 2022).
So far in 2022, only the data from January to August has been made available which revealed that a total of $609.5 million has been released.
The data from the apex bank revealed that Nigerians remitted more than $3.5 billion to foreign academic institutions under Buhari without significant reciprocity in the form of inflows from foreign sources to the local education sector.