The Commonwealth Youth Council (CYC) has called on the president-elect, Gen. Muhammadu Buhari, to abolish the federal government’s foreign scholarships scheme.
In a statement signed by the president of the association, Ahmed Adamu, it explained that about N100 billion which is spent on foreign scholarships, annually, by the Nigerian government, causes over supply of the nation’s currency and reduces the value of the Naira.
It said that Nigerians studying in UK contribute 2.3% to the GDP growth in UK and their patronages contribute 2.6% to the overall UK employment.
The statement added that savings from abolishing foreign scholarships, if injected into federal government-owned universities, will see them performing to the international standard in five years.
The Council also urged Buhari to cut government’s expenditure by 50% in one year and increase bank rates and taxes.
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