House to probe schools charging fees in foreign currencies

March 14, 2017 9:20 PM

This position held by the lawmakers is reportedly a follow-up to a motion by Rep. Emmanuel Agboola (Ekiti-PDP) and 14 others.

Nigerian telecommunication firms have flayed the National Assembly over some of its activities that include summoning of the sector's CEOs.

According to news reports, the House of Representatives, on Tuesday, March 14, 2017, has resolved to probe foreign schools situated in Nigeria collecting fees in foreign currency.

Punch reports that the lower chamber holds that the practice is in disregard of the Federal Government's policy.

This position held by the lawmakers is reportedly a follow-up to a motion by Rep. Emmanuel Agboola (Ekiti-PDP) and 14 others.

ALSO READ: Sale of 2017 UTME forms to start by March 20 — Spokesman

In moving the motion, Agboola recalled that on April 17, 2015, the Central Bank of Nigeria (CBN) issued a circular on “Currency Substitution and Dollarization of the Nigerian Economy” to reform the currency regulations.

The Rep. noted that this had been done in pursuant to Sections 15, 20(1) and (5) of the CBN Act, which illegalized pricing or denominating the cost of any product or service in any foreign currency in Nigeria besides the Naira.

He further expressed concern over the fact that the American International School, Abuja was charging school fees in the dollar currency.

Agboola also added that some other international institutions in the country were also collecting fees in foreign currencies, an act which is contrary to the government policy.

Punch reports that the Rep explained that the extant financial regulations were disregarded by AISA even when it was inclined to collect fees in Naira and could only accept the currency at parallel market rate.

The use of the parallel market rate to determine the amount of fees to be collected in Naira, according to the lawmakers, entailed that the parents paid at different rates.

“This depends on the rate in the black market and as such, parents of children in the same class end up paying different fees for their wards, depending on the day the payment was made,” he said.

ALSO READ: Board announces that it will conduct mock examinations

According to Punch, the motion was adopted unanimously adopted by members through a voice vote.

Mr. Yussuff Lasun, in his remarks, stated that the matter should be investigated by the relevant committee in the house, referring the motion to the Committee on Basic Education.