Concerns mount over how to handle Nigerian student debt

Concerns are growing over the mounting debt from Nigerian students at British universities after a year of continual devaluation of the naira, writes Nick Cuthbert for The PIE News. The Nigerian economy was severely impacted in 2023 by a national election, the subsequent devaluation of currency and the removal of the discount exchange rate for students studying abroad from the Central Bank of Nigeria, known as ‘Form A’.

While Nigerians have become accustomed to fluctuating rates and shortages of foreign exchange, many students have seen costs rise by 300% in the same academic year. A perfect storm of a cost-of-living crisis in the UK and extreme pressure on foreign exchange in their home country has restricted payment options, including support from family or diaspora overseas.

As the final academic term approaches, many universities are facing a tough decision regarding the potential withdrawal of students who have not paid tuition fees on time, or letting them complete and graduate.
Full report on The PIE News