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UK Government Earns £1.9 Billion From Nigerian Students in One Year

Nigerians studying in the United Kingdom and their dependents contributed a sum of £1.9 billion to the UK economy during the 2021/2022 academic session.



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Nigerians studying in the United Kingdom and their dependents contributed a sum of £1.9 billion to the UK economy during the 2021/2022 academic session.

This estimation was deduced from the money paid as school fees, health insurance, rent and taxes by the working dependents. 

According to the report released by SBM Intelligence, a sum of £680.6 million was paid as school fees by Nigerian students schooling in the UK while £54.3 million was made as taxes from the working dependents.

Similarly, the United Kingdom made £41.7 million as health insurance coverage from Nigerian students within the period under review. 

Additionally, a total of £408.37 million was paid as rent while a sum of £151.26 million was paid as national insurance.

Investors King earlier reported that Nigerians spent more than N5 trillion ($11.6 billion) on oversea education between 2019 and 2021. 

Analysts observed that the amount spent on foreign education has further put pressure on the naira. The incessant and increasing demand for foreign exchange could have hurt the value of Nigerian currency. 

Meanwhile, a report by the UK Home Office shows that the number of Nigerian students in the United Kingdom has jumped by 686 percent. This makes Nigerian students constitute the third largest foreign student group in the UK after India and China.

Many young Nigerians have continued to find their way overseas, despite the high exchange rate of foreign currencies against the naira. 

This has therefore led to a serious brain drain in the Nigerian marketplace. Some of the factors which contribute to the exodus as claimed by the migrants are the incessant academic strike and the country’s weak economy. The National Bureau of Statistics has put Nigeria’s unemployment rate at 33.3 percent. 

According to the UK Home Office, 65,929 Nigerians were granted a sponsored study visa in the year ending June 2022. This is a rise of 57,545 (686 percent) compared to 2019 when 8,384 were given.


Nigerian Federal Government Initiates 40% Deduction From Universities’ Internally Generated Revenues, Prompting Concerns



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The Nigerian federal government has embarked on the implementation of a controversial policy that imposes a 40 percent automatic deduction from the internally generated revenues (IGR) of federal universities and partially-funded institutions.

This decision, aligned with the Finance Circular dated December 20, 2021, aims to limit the annual budgetary expenditure derived from IGR.

In a letter issued by the Accountant-General of the Federation, Mrs. Oluwatoyin Madein, the policy of a 40 percent auto-deduction was communicated to universities and institutions.

The letter, approved by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was signed by the Director of Revenue & Investment in the office of the Accountant-General of the Federation, Felix Ore-ofe Ogundairo.

The new directive enforces that agencies and parastatals must remit up to 50 percent of their gross IGR, channeling the remaining 50 percent to the Sub-recurrent Account.

All statutory revenue lines, such as Tender Fees, Contractor’s Registration Fees, and Rent on Quarters, are to be remitted entirely to the Sub-recurrent Account.

While the federal government hinted at granting universities more autonomy to explore financing sources, this move has sparked controversy within the education sector.

Critics argue that the policy will stifle institutional activities, hinder critical projects, and potentially force institutions to increase fees, thereby impacting students and their families.

The National Association of Nigerian Students (NANS) has also voiced concerns, highlighting the potential repercussions for universities.

University authorities, meanwhile, argue that the policy contradicts the government’s perception of universities as revenue-generating entities while providing inadequate funding and inhibiting their development.

The policy raises questions about the government’s approach to education financing and may lead to increased financial strain on students.

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Femi Otedola Inaugurated as Chancellor of Augustine University, Donates N750 Million to Students



Femi Otedola

Renowned Nigerian billionaire businessman, Femi Otedola, was officially inaugurated as the Chancellor of Augustine University in Lagos on Thursday, representing a significant milestone in the institution’s history.

The inauguration ceremony was a moment of distinction and philanthropy with Otedola taking to his verified Instagram page to announce his new role and his remarkable gesture of benevolence.

In response to the prevailing challenging economic conditions, Otedola donated N750 million to the university.

He distributed N1 million to each of the 750 students at Augustine University, expressing his desire to alleviate the financial burdens of the students’ families.

In his Instagram statement, Otedola said, “I hope this donation of Seven Hundred and Fifty Million Naira assists the plight of the parents of our students in this difficult time.”

Augustine University, founded in 2015, selected Otedola as its Chancellor on April 7, 2022.

The university’s spokesperson, Nicholas Obayi, noted that Otedola’s appointment was richly deserved, given his unwavering commitment to philanthropic causes.

Otedola’s installation as Chancellor not only brings honor to Augustine University but also exemplifies his dedication to uplifting educational institutions and supporting the aspirations of Nigerian youth.

His generous donation is a testament to his belief in the transformative power of education and his commitment to improving the lives of students during challenging economic times.

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NNPCL-Shell Scholarships Transform Lives of 35 Niger Delta Pupils




35 exceptionally pupils hailing from public primary schools across the Niger Delta region have been granted the prestigious NNPCL-Shell Cradle-to-Career scholarships, covering their entire six years of secondary school education.

These bright young minds, hailing from Rivers, Delta, and Bayelsa States, recently wrapped up an intensive week-long orientation program aimed at honing their academic, character, and psychological skills, all in preparation for their seamless transition into new learning environments.

The 14th batch of scholars since the program’s inception in 2010, they have been placed in three renowned private institutions in Port Harcourt, Rivers State: Brookstone Secondary School, Jephthah Comprehensive College, and Bloombreed High School.

Igo Weli, General Manager Corporate Relations at The Shell Petroleum Development Company of Nigeria Limited, praised these students as the “35 shining stars of the Niger Delta,” having been selected through a highly competitive process that included aptitude tests.

“The Cradle-to-Career program is designed to bridge educational disparities arising from geographic and socio-economic differences while enhancing literacy levels in the Niger Delta region and Nigeria as a whole,” remarked Weli.

He further highlighted its contribution to the realization of UNESCO’s ‘Education for All’ goal and the development of a robust human resource base for Nigeria’s progress.

Rivers State Commissioner for Education, Professor Kaniye Ebeku, expressed his appreciation for the program and Shell’s commitment to offering the best education to pupils from underprivileged backgrounds.

He encouraged the scholars to focus on their goals and make the most of this opportunity to bring pride to their families and sponsors.

The NNPCL-Shell Cradle-to-Career scholarship is not just an investment in these 35 students, but also in the future of the Niger Delta and Nigeria as a whole.

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