The Central Bank of Nigeria revealed that Nigeria’s educational sector suffered massive capital flight during the regime of President Muhammadu Buhari.
The CBN’s balance of payment statistics, Nigerians have spent a hefty sum of $3.5bn on foreign education in the past seven years (June 2015 to August 2022).
Data gathered from the CBN from the amount spent on educational services under the sectoral utilization for transactions valid for foreign exchange, a sum of $375.99 million was released by the apex bank between June 2015 and December 2015,
Further analysis of the data revealed that a total of $269.1 million was released in 2016.