The Institute of Chartered Accountants of Nigeria (ICAN) has urged the federal government to improve the standard of education to reduce tourism, and foreign exchange pressure.
Innocent Okwuosa, the 59th president of ICAN made known the position of the institute in a media chat recently in Lagos when he highlighted steps to addressing the subsidy removal and naira devaluation policy of the Tinubu’s led-government.
“In view of the identified gaps, the much-anticipated foreign exchange stability and economic growth may remain elusive if solutions are not provided in the short, medium and long term as against the quick fix interventions.
“We recommend among others that the government improve the standard of education and health facilities in the country to reduce education and medical tourism.
“Besides, the government should institute accountability and transparency within the oil industry and foreign exchange market,” he said.
Okwuosa maintained that proper funding of education will improve the standard of learning in the country, which will in turn lead to having students from other countries coming to school in Nigeria, and such will help to attract foreign exchange inflow.
“Remember in those days we used to have students that come from West Africa, from far away countries coming to study in Nigeria. What we are recommending is for us to get that state where we have Europeans, people from other African countries coming to study in Nigeria.
“If that happens, that is foreign exchange inflow, because the issue we are addressing is that of foreign exchange; so a good educational system that ensures all facilities will attract foreign students, and therefore becomes foreign exchange earning to the country.
“If you imagine how much the UK’s education system earns in foreign currency, you will understand what we are proposing,” he noted.