The Central Bank of Nigeria (CBN) has revealed that Nigerians spent not less than $220.86 million on foreign education between December 2021 and February 2022.
The figures are contained in the CBN data on the amount spent on educational service under the sectoral utilisation for transactions valid for foreign exchange for December 2021 to February 2022.
In December 2021, the apex bank stated that it spent $90.67m on foreign education.
According to the apex bank, in January 2022, a total of $60,202,730.84 was spent on foreign education, while noting that $69.9m was spent in February 2022.
Though, the bank has not updated the amount spent in March, April and May, it noted that the amount it indicated in December 2021 and January 2022 might be subject to change in future.