Connect with us

Opinion

Nigerian Government is Generous For subsidizing Foreign Education- Financial Expert

Published

on

A banking expert and financial analyst, Olajide Brown has commented on the recent viral post by a Nigerian final-year student of Greenwich University in the United Kingdom (UK) who threatened to commit suicide if his tuition fee was not paid. The student, who took his lamentation to social media on Twitter via the handle @RealityOflilife, called out a commercial bank and the central bank for not paying his tuition fees in British Pounds. In his post, he threatened to commit suicide if his request was not granted after receiving a mail from the school management of his suspended studentship with a deadline.
Olajide urged the general public not to be swayed by social media outbursts and antics but to treat issues based on facts. According to him, “the young student is just emotional and trying to elicit public sympathy. Due to the scarcity of forex in the country and the sheer number of students currently schooling abroad, it is difficult for the central bank to accede to the requests for foreign exchange for school fees abroad in a short period, as the apex bank will have to source for the forex. Currently, banks have thousands of requests, and because of the scarcity of forex, there is usually an average of about four months waiting time before each request is processed”. Students know this because a good number of banks have communicated this to their customers.
Speaking further, Olajide averred: “when I saw the post on Twitter and read through, it portrayed the student’s mischief or ignorance of how the forex for school fees payment operates. Apart from the fact that he didn’t apply on time, if the request for foreign currency for school fees payment is received by a bank, it will take a minimum of about four months for the central bank to provide the foreign currency because they have thousands of requests from students from universities across the globe. Therefore, it is not banks’ fault; they will only treat individual transactions based on the supply of forex from the central bank”.
 Speaking on the student’s threat, Olajide said that it is bizarre that the student is claiming that his studentship is to be terminated on account of failure to pay school fees. The practice is that studentship could be deferred, or a certificate will not be issued until school fees are paid.
Olajide noted that the central bank is magnanimous in providing forex for school fees as this is not one of its functions, and the practice is not obtainable in other countries.
According to him, “if you want to study abroad, you source the requisite foreign currency and pay your school fees; that is what happens everywhere in the world”. Continuing, he noted that the central bank is actually subsidizing the cost of education for Nigerians who are studying abroad, who is subsidizing the school fees of Nigerians studying at home? He, therefore, urged students and parents to begin to think of alternative sources of payment of school fees because the persistent scarcity of forex may lead to the discontinuation of the largesse from the central bank.
He recalled that some time ago in 2018, President Muhammadu Buhari had, in an interview on Al Jazeera TV, hinted that the country could not afford to continue to provide forex for school fees payment abroad. He expressed surprise that the central bank is still providing forex for school fees payment after the president’s remark, especially now that the forex situation has worsened.
He called on the government to resolve the issues in the nation’s education sector to make it more attractive to Nigerians to study at home as it has been proven and demonstrated that Nigeria’s educational system is good enough and competitive, citing the plethora of Nigerians who studied in Nigeria and are excelling around the world. He also advised students currently abroad to apply for school fees payment on time.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending News

Sola Fajobi: I refuse to be used and cowered, I’m voting Sanwo-Olu

Published

on

By

It is a general saying that “Until you realize how easy it is for your mind to be manipulated, you remain the puppet of someone else’s game”, and nothing can be truer than that quote in the light of Nigeria’s situation at the moment.

The 2023 general election was meant to usher in a new era of renewed hope in a nation that is reputed to be the giant of Africa, but has successfully awaken an evil gnome of manipulation and bigotry in our youths like never before despite our alleged collective exposure.

On March 11, Lagosians will be polling to either re-elect the sitting governor or replace him with another aspirant from one of the other political parties gunning for the Alausa seat at the centre of excellence.

Lagos is a state with the highest number of voters in the South Western Nigeria. It boasts of vibrant and comparatively more educated electorates, representing a wide array of the nation’s ethnic groups. Statistics from the recently concluded presidential election shows that approximately 1/4 of the total number of registered voters were accredited to vote on February 25, 2023.

There was an upset in the usual results trend, where the ruling party, the All Progressive Congress, APC, was overtaken with a slight majority votes by the Labour Party that polled a total of 582,454 votes against APC’s 572,606. The Peoples Democratic Party, PDP, the historic second -fiddle horse in Lagos elections was edged to a record low of 75,750 votes.

I may not be interested in the analysis of what went down in the election as there is an urgent task at hand; the requisite re-election of the incumbent governor of Lagos State, Babajide Olusola Sanwo-Olu.

For those whose sense of judgement have not been coloured by mischief makers, it is an easy affirmation that Lagos State is working by every standard. Looking around you, there is always a testament to that fact. A litmus test of the fact that Lagos State is working is the reality of a working integrated public services system: Lagos remains the ONLY state in Nigeria (roll in the FG) with a working toll-free emergency line, with chronicles of how it has saved the day in incidences of fire, security, disaster and many more across the state.

Babajide Sanwo-Olu is a new convex curve in Lagos’ trajectory to regional dominance and global relevance. From the very first day, BOS has shown what he is made of as a member of a set of first-class governors that Lagos has been blessed with since 1999. He swiftly moved in to salvage the lot of Lagosians with respect to the perilous time his administration advent into. From leading the entire nation to successfully manage the COVID-19 pandemic, to rolling out his brilliant T.H.E.E.M.E.S. agenda, Sanwoolu came ready for the job from day one!

Aside from working out the long-standing vision of previous administrations, anchored on the objective of making Lagos a mega city of the 21st century-kind, five months ago, Sanwo-olu’s government launched a 30 year development plan for Nigeria’s commercial capital, which is to be implemented between 2022 and 2052. It is imperative to note that the plan is necessary to achieve the goals of becoming Africa’s model mega city, while also positioning Lagos as a global, economic and financial hub that is safe, secure, functional and productive.

Sanwo-Olu’s personality is cut from character traits uncommon with most Nigerian politicians, and ever since his assumption of office as the governor, he has rolled up his sleeves and got down into the trenches by ensuring that the state continues to move forward positively.

I’m a serial entrepreneur, and having traveled across the nation and outside its shores, I can declare without equivocation that Lagos State, under the APC, provides the best business environment for my business concerns to flourish. You can then understand my situation when I, Adesola Fajobi, say that I refuse to be used to derail such brighter prospects for my business and that of many other hardworking Lagosians like me.

Returning Sanwo-Olu as governor should be the most important task of every single Lagosian in this coking election. I refuse to be brainwashed to go against all the years of great works put into developing Lagos to make it the 5th largest economy in Africa.

The Ehingbeti Lagos Economic Summit has provided a platform for the articulation of Lagos economic and developmental agenda and progress, which Sanwo-Olu continually showcases with incontrovertible developmental strides.

He has commenced the construction of a new airport on the Lekki axis of the state after his government obtained approval from the federal government for the construction of the new airport in Lagos, and also completed the Lagos Blue Line rail project designed to move millions of Lagosians across the state.

Other laudable projects include the completion of the Pen Cinema flyover in Agege, the Opebi-Ojota link bridge, which is nearing completion, the largest rice mill in Africa, the Lekki Deep Sea port, upgrading of four higher institutions to universities and so many more.

Why change a winning and working formula? Why allow a newbie to turn a functioning society into a leadership testing ground?

Sanwo-Olu is sellable, tested and trusted. Why would I allow myself to be used as an agent of destruction to give greedy politicians tickets to return Lagos to ground zero? Mr. Governor always provides robust responses, demonstrating a deep understanding of the economy, governance, the people’s expectations and desires. This is something I wouldn’t want to stop benefiting from.

If his administration would be evaluated only by the COVID-19 pandemic, there is no gainsaying that Sanwo-Olu performed excellently. Instead of throwing up his hands in defeat, Mr. Governor became the incident commander, and immediately went to work as he locked down the state, activated all the state apparatus – media, security, public health, emergency management, etc., thereby saving millions of Nigerians lives. He duly earned the country the fourth position in the list of the countries in the world that handled the pandemic well. This is a verifiable fact.

With his years of experience in the private sector, he quickly worked with major players to set up isolation centres, infectious diseases centres, amongst other steps. It goes without saying that if Sanwo-Olu had failed as a leader during this dark period in our life, we may not be here now talking about 2023 election at all. Today under Sanwo-Olu, the Lagos Health Insurance Scheme costs only N40,000 a year for a family to enjoy from primary to tertiary health care.

I refuse to be cowered by a mob that sees nothing good in Lagos, and are hell bent on fostering other candidates with no track records of performance. Governance is not a matter for experimentation

I’m a father, a businessman, an entrepreneur, a brother and so much more like you; living in Lagos and flourishing under the present APC-led government. Come March 11, 2023, I have chosen to cast my vote for Babajide Sanwo-Olu to continue leading and serving Lagos with great achievements.

You should do the same too. Follow person wey know road.

Continue Reading

Trending News

CBN Governor, Godwin Emefiele Unruffled

Published

on

By

 

The Story of Godwin Emefiele can be likened to the story of a child born with uncommon grace. Every time enemies have tried vehemently tried to cut short his life by firing hot shots targeted at taking his breath; he resurfaces like the proverbial cat with nine lives. Yes, he is a dogged fighter and one who so much believes in giving his all to the betterment of his fatherland. Since his appointment as the Governor of the Central Bank close to a decade ago; he has tried his best to ensure policies that will stabilize the economy by giving preference to Small and Medium Scale Enterprise, and also huge investments in agriculture which is currently fetching the government and the country billions of dollars in return on investment.

 

Despite all the hard work and sleepless nights, he and his team put in motion for the upliftment of the country economically and giving our Naira more power some unscrupulous elements have resorted to blackmail and campaign of calumny in undermining his office and all the work he has invested over the years.

 

Like the proverbial ram in a fight that moves back to bring more firepower; the Banking and Finance graduate from the University of Nigeria Nsukka, has remained firm in proving cynics wrong but not giving into their antics of cyberbullying and all kind of tactics. Instead, he has remained a terror for those who want to plunge Nigeria into recession and financial distress by hoarding a substantial amount of cash which is supposed to be in circulation. This we gathered was his sin that has made many want his head at all costs. After several meetings with his team, he resorted to the Naira redesign which got many tongues wagging as several people in high places lashed the CBN Governor for deliberating trying to scuttle their plans.

 

At a point when he travelled out of the country for medical checkups, his detractors also went on different media campaigns claiming he was wanted by the state security service for some nefarious acts. After the campaign, Emefiele jetted back into the county and was given a warm welcome by his boss President Muhammadu Buhari. This further threw his enemies off balance as they are currently looking for a way to get rid of him. In spite of all these, Emiefele has remained unruffled and unbothered; discharging his duties according to the constitution. He further got many aggravated when he announced days ago that the deadline for the old currency in becoming acceptable won’t change as he urged Nigerians to deposit the old cash in their account or risk the currency becoming expired.

 

Sources say; The former Director at Zenith Bank is not bothered and not giving in to the pressure from all corners as he is committed to ensuring a better Naira and a better economy for Nigeria. “Emefiele is aware of those fueling the mischief around him but trust me, he has the backing of his boss which is to restore the strength of the Naira and strengthen the Economy and also turn Nigeria into a digitalized economy where we would run a cashless society which will ease pressure from currency printing and also put Nigeria on the global pact as a thriving economy that is not reliant of cash. This will open more investment for Fintech companies and other service providers.”

 

Continue Reading

Opinion

The Benevolent Side of MC Oluomo Musiliu The Media Hardly Talks about

Published

on

By

Oladapo Sofowora

 

For the want of a better description; the erstwhile chairman of the National Union Road Transport Workers Lagos State chapter and now Lagos State Park and Garage Management with the sobriquet MC Musiliu Oluomo Akinsanya is a misunderstood person. More reason many unprintable names have been ascribed to him on and off the media space. Those who are not familiar with him have stereotyped him owning to his background as a ‘task collector’ at the motor park before rising through the rank to attain the post of Chairman of the Lagos State Park and Garage Management. In reality, Oluomo is a super intelligent and brilliant chap who on several occasions has displayed his native intelligence in proffering solutions to issues. While many believed he is not lettered, those close to him averred that his brilliancy and vast knowledge in issues relating to his field, politics, finance and corporate governance will marvel you. He is a man with few words but he is one of the few men who have impacted his immediate environment with his God-given wealth more reason he has thousands of followers who see him as a model and also as a leader with listening ears.

 

Those close to the Oluomo of Oshodi disclosed that; He is a man destined for greatness. He has sowed traits of wizardry from his formative years which helped him climb the ladder of success early in life. As much as he likes to stay away from the media space, his good deeds often find a way to throw him into public consciousness. One thing Oluomo holds in high esteem is Loyalty. He believes as a man, your word should be your bond. Like the popular parlance; the prestige of a man lies in his ability to talk and stand firm with it. While many tried to cast aspersions and make disparaging comments about him he has remained unperturbed. He was given an archetypal outlook with the demeanour of an ‘Agbero’; Oluomo on the other hand does not see nor portray himself in such a manner. He is a cultured and well-grounded cosmopolitan man who is in tune with the latest fashion and style and also with his culture and tradition. His sense of organization, mobilization, leadership qualities and carriage even supersedes those who are lettered. His urbane nature is evident in the structure of the organization he currently heads. Oluomo on the other hand never despised his humble beginning as we gathered that those who were instrumental to his rise to the top, he goes back to show his gratitude.

MC Oluomo

One thing that marvels many is his humility personified nature. He is so gentle that he respects even the children around him. He is a stickler for success more reason anything he ventures into he is open to new ideas which have given him an edge over his rivals. Today, his idea gave birth to the QR code on Lagos Bus recently launched to curb kidnapping and other vices among drivers plying Lagos roads. He also ensured drivers are given good welfare packages as they often give room for the reorientation of task collectors and also bad drug and alcohol abuses by drivers in Lagos state. He also opened a complaint desk for commuters to report any incident of lawlessness by drivers and task collectors. He has also acquired buses for drivers in other to cushion the effect of the dwindling and biting economy in Nigeria.

 

One thing he never jokes about is philanthropy known as Zakat according to the teaching of Islam. As a devoted Muslim, he believes wealth is from God and the lives you touch with your wealth would be counted when everyone returns to meet their creator. That’s why he has been involved in philanthropy and humanitarian causes. He has over the years donated proceeds of his business to charity. It is public knowledge that anyone who cries to his house would definitely return with a smile on his or her face. Those close to him averred that he loathes the sight of anyone in distress; he is always ready to assist. Despite the beautiful thing being done by Oluomo; the media have not been fair to him. Despite the negative media, He is one of the few who loves journalists and media practitioners and he has over the years empowered those close to him. Regardless of the negative press, he has not stopped being a good person and he will continue to do his best to uplift humanity. Over the years he has been involved in paying school fees for out-of-school children running into millions of Naira. He has paid hospital bills for sick and pregnant women, he has empowered widows and also given out cars to many. He has established businesses for people and paid house rent and built houses for several people. A source disclosed that Oluomo was said to have imbibed the traits of giving from his parents that’s why he is being tagged a ‘dangerous giver’.

 

If there is one thing that stands him out, he knows how to keep friendships and build relationships. He believes relationship plays a pivotal role in the development of man. As a politician and a mobilizer, Oluomo is well-loved and respected within the Lagos metropolis and he is also a delight to many artists, actors and praise singers. He has been able to sustain his reign with his open hands and his support for those around him. He is a man who wants those under him to grow wings and soar high. More reason he has many people who love him to a fault and can go to any length just to prove their love and loyalty. Despite the negative media around him, he has continued to blaze the trail in politics, business, human management, and other spheres of life. As much as the media will not portray him as an angel in human form that he is, Oluomo’s name will forever be crested in Gold as one of the most benevolent people the Yoruba will call ‘Eleyinju Aanu’.

 

 

Oladapo Sofowora a Journalist and columnist at The Nation Newspaper Writes From Lagos.

Continue Reading

Trending News