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$221m Spent By Nigerians on Foreign Education Between Dec 2021 & Feb 2022  – CBN Reveals

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University - Investors King

In the wake of incessant strike actions by academic and non-academic unions in Nigeria, Nigerians have found solace in studying abroad to get adequate education. 

The Central bank of Nigeria (CBN), in a recent report, has now shown that Nigerians spent nothing less than $220.86m on foreign education in three months (between December 2021 and February 2022). 

According to 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 bank spent $90.67m on foreign education. Later in January, it spent a total of $60,202,730.84 on foreign education, while a sum of $69.9m was spent in February 2022.

According to a report by Punch, the CBN has not yet published the amount it spent in March, April and May, but has noted that the amount it indicated in December 2021 and January 2022 “might be subject to change in future.”

“This data from the apex bank shows that Nigerians remitted more than $220m to foreign academic institutions in three months without a notable “reciprocity” in form of inflows from foreign sources to the local education sector,” Punch reported.

The huge net dollar outflows has a two-way effect on the countries economy – an underinvestment in domestic education and creating pressure on the naira exchange rate. This is as a result of high demands for dollars to pay foreign educational institutions which affects Nigeria’s foreign reserves and increases pressure on the exchange rate.

Investors King gathered that over 70 thousand Nigerians were studying abroad as of 2018, according to the United Nations Educational Scientific and Cultural Organisation. This is the highest from an African country.

During an interview with the media, National President, Academic Staff Union of Polytechnics, Dr. Anderson Ezeibe, said the failure of the government to adequately fund education in Nigeria has negatively impacted the sector.

“You go to tertiary institutions and you see dilapidated buildings, lecturers and students alike are not happy, students do not have access to good equipment for practicals, at the end of the day, the system continues to churn out half-baked graduates.

“The only solution to this is for the government to invest fully in the sector. If we operate world-class schools in the country, there will be no need for people to go to other countries to obtain a good education”, he said.

The Convener, Reform Education sector, Olubunmi Olusanmi also noted that there is a need for the government to speedily increase its investment in the education sector.

“Education is the bedrock of any nation, you cannot neglect that sector and say you want to focus on infrastructure. Nigerians go to other countries to avoid some of the drama that goes on in our local schools.  Talks of strikes have been annual festivals and we have all seen it as normal.

 “We cannot continue to go on like this. The truth is that many individuals who have the resources or who can struggle to get the resources will continue to go out and get better quality education. The government needs to do better.”

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Education

JAMB Releases 36,540 Withheld UTME Results, Dismisses Cyber Breach Claims

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The Joint Admission and Matriculation Board (JAMB) has quelled concerns over the integrity of the Unified Tertiary Matriculation Examination (UTME) results by releasing an additional 36,540 previously withheld scores.

This move follows earlier revelations of withheld results and assertions of a cyber security breach.

Fabian Benjamin, the spokesperson for JAMB, confirmed the release of these results in a statement issued late Tuesday in Abuja.

This latest batch of released scores, when combined with the 531 previously unveiled, brings the total number of results made public to 1,879,437.

Benjamin took the opportunity to address circulating rumors regarding the security of the UTME results.

He categorically dismissed claims of a cyber security breach, saying that the examination outcomes remain intact and securely stored.

He stressed that the results are not stored in any cloud system and thus cannot be compromised by external entities.

At the time of the UTME release, JAMB had disclosed that certain results were withheld pending further investigation.

Subsequently, 531 of these results were recently unveiled with the remainder still under scrutiny.

Benjamin explained that any candidates implicated in examination malpractice are undergoing thorough investigation.

The examination board intends to meticulously review footage from CCTV cameras installed across all accredited centers to ascertain each candidate’s involvement.

Benjamin urged the public to remain vigilant against misinformation originating from sources not affiliated with JAMB.

He attributed the discrepancies in minimum admissible scores to variations among tertiary institutions. Some institutions, he noted, proposed lower minimum scores than others, resulting in varying benchmarks.

Benjamin clarified that these benchmarks are determined collectively by all Heads of Institutions during the annual Policy Meeting on Admissions, ensuring uniformity across the country.

Also, Benjamin cautioned religious organizations against overstepping their designated roles.

He warned against the dissemination of false information to governmental bodies for personal gain.

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Education

International Students in Germany Get Pre-Study Work Rights Under New Law

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Germany has implemented a new segment of its revamped skilled worker law, granting international students significant pre-study work rights.

This move aims to attract skilled workers from various sectors while fostering integration and easing financial burdens for students.

Under these fresh regulations, non-EU citizens applying for study visas can now arrive in Germany up to nine months before their studies commence.

During this period, which was previously not permitted for work, students are allowed to work part-time for up to 20 hours per week.

This change particularly benefits prospective students from developing countries, offering them the opportunity to support themselves financially while preparing for their academic pursuits.

The revised skilled worker law also extends its support to individuals interested in apprenticeships in Germany.

Third-country nationals seeking apprenticeships can now reside in the country for nine months, provided they demonstrate a B1-level proficiency in German and are below the age of 35.

During this preparatory period, they are permitted to engage in part-time work, laying the groundwork for their transition into full-time training once they secure an apprenticeship position.

Moreover, the new regulations enhance work opportunities for international students already enrolled in German institutions.

The permitted work duration for students has been extended from 120 to 140 full days in any calendar year, equivalent to 20 hours per week, or 280 half days per calendar year.

This adjustment acknowledges the financial challenges students may face and provides them with greater flexibility to manage their expenses.

In addition to pre-study work rights, graduates of German universities now benefit from an extended post-graduation stay of 18 months for job hunting.

This extended period offers graduates ample time to seek employment opportunities within Germany, with the option to apply for permanent residence after two years of continuous employment.

Overall, these amendments to Germany’s skilled worker law underscore the country’s commitment to attracting and retaining international talent.

By providing enhanced work opportunities and support mechanisms for students and graduates, Germany aims to strengthen its position as a hub for global education and professional development.

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New Student Loans Act Passed by Nigerian Senate

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The Nigerian Senate has approved the Student Loans Access to Higher Education Act (Repeal and Re-Enactment) Bill of 2024.

This legislative milestone follows meticulous deliberation of the report presented by Senator Mohammed Muntari, Chairman of the Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFUND).

The bill garnered support after successfully passing its second reading last week, prompted by a directive from President Bola Tinubu to repeal the existing Student Loan (Access to Higher Education) Bill and introduce a new one.

The newly endorsed act aims to revamp the implementation of the Higher Education Student Loan Scheme, addressing various shortcomings such as the management structure of the Nigerian Education Loan Fund (NELF), eligibility criteria for applicants, loan purposes, funding sources, and procedures for disbursement and repayment.

This legislative reform is a response to the temporary suspension of the student loan system, which was intended to provide Nigerian students in tertiary institutions with access to low-interest loans.

The overhaul seeks to streamline the loan scheme, making it more efficient and accessible to deserving students across the country.

In parallel, the Senate debated a motion spearheaded by Senator Adebule Oluranti, advocating for urgent measures to tackle the issue of out-of-school children in Nigeria, estimated at a staggering 20 million by UNESCO.

Lawmakers stressed the need for proactive strategies to reduce this alarming figure, including the establishment of mobile courts to enforce education laws and the implementation of the Universal Basic Education (UBE) Act.

The Senate’s commitment to educational reform underscores its dedication to ensuring equitable access to quality education for all Nigerian children, paving the way for a brighter future for the nation.

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