The Central Bank of Nigeria
(CBN) said on Friday that
education and medical
tourism were not on the list of
41 items barred from
accessing foreign exchange
allocation in Nigeria.
Speculations were rife since
Thursday that the CBN
increased the list of items
affected by the foreign
exchange restriction policy
from the initial 41 items to 43
with the inclusion of the two
items.

The speculation gained
currency after the Bankers
Committee, at the end of its
meeting on Thursday,
expressed worry over
increasing pressures the
demand for foreign exchange
for school fees and medical
treatments abroad have
brought on allocation to the
real sector and productive
activities.

When contacted, Director,
Corporate Communications
Department of the CBN,
Ibrahim Mua’zu, denied that
the bank included education
and medical tourism among
the list of items restricted
from accessing foreign
exchange.

Mr. Mua’zu clarified that the
Bankers’ Committee, during
its meeting on Thursday, only
decided to prioritize the
allocation of foreign exchange
to the importation of critical
raw materials, plants and
machinery for the real sector
of the economy.

“What this means is that those
sourcing for foreign exchange
to pay for school fees of their
children abroad and medical bills in
foreign hospitals cannot get it from the
Central Bank.

“Allocation of foreign exchange for such
items is henceforth left at the discretion
and ability of the banks. How that is done
at whatever rate is not the CBN’s
headache,” the CBN spokesman said.
Managing Director, Access Bank PLC,
Herbert Wigwe, had said that members of
the Committee resolved that the demand
for allocation of foreign exchange for the
two items should not be allowed to crowd
out attention to real sector investment.
Although Mr. Wigwe said no agreement
was arrived at on the issue, banks were
encouraged to give priority attention to
the real sector, rather than focus on
foreign education and medical treatment.

“Why can’t we revisit the health care
system to make sure it works better? Why
must we spend about $2 billion annually
on children’s school fees overseas or
medical tourism abroad?” he said.
”The idea (to include the two items on
the list) is still on the drawing board. The
point is not that we cannot do it, but that
one cannot access foreign exchange from
the CBN’s limited resources. We did not
reach any formal conclusion on it, but
that is the general direction that we are
headed.”

Similarly, Edo State governor, Adams
Oshiomhole, had on Thursday lent his
voice to the call for the inclusion of
school fees and medical bills in schools
and hospitals abroad in the list of items
restricted from accessing foreign
exchange from the CBN.

According to the governor, at the moment
the school fees paid for more than one
million Nigerian children studying at
various universities and other higher
institutions abroad was consuming more
than $500 million every year.
“There are a lot of good schools here in
Nigeria for our children. But it has
become a status symbol for the children
of the elites to study abroad,” Mr.
Oshiomhole said.

“On that score, I will support the
suggestion that the CBN should not
provide foreign exchange for that. Let
government come up with a policy that
all those in government have their
children trained here by removing school
fees from the list.

“If this is done, the leaders would ensure
that Nigerian universities were well-
funded. Billions of dollars are spent
annually on foreign medical tourism. CBN
should also remove this from the items to
be funded with its foreign exchange so
that those in government would pay
attention to proper funding of hospitals at
home,” the governor said.

http://www.premiumtimesng.com/business/198370-foreign-exchange-education-medical-tourism-not-restricted-items-says-cbn.html

There are good hospitals in Nigeria.
why can't baba change visit one of them?