Farouk: $5m could educate 6,000 children, pay 450 teachers a year — Obi

•Peter Obi, former Labour Party presidential candidate

 

Peter Obi, the presidential candi­date of Labour Party (LP) in the 2023 general elections, has said that $5 million allegedly spent on the education of four of Ahmed Farouk’s children in Switzerland would have educated 6,000 Nige­ria children and employed 450 teachers in one year.

 

Obi on his X on Monday, re­called that Alhaji Aliko Dangote, President of the Dangote Group, had alleged that Farouk, former Chief Executive Officer of the Nigerian Midstream and Down­stream Petroleum Regulatory Authority (NMDPRA), spent about $5 million on the second­ary school education of his four children in Switzerland.

 

While calling for a full inves­tigation and public explanation, the former governor of Anam­bra State stated that at current exchange rates, $5 million is ap­proximately N7.5 billion, reports Daily Independent.

 

According to him, in a country with over 18 million out-of-school children — the highest number in the world, this revelation inev­itably raises questions of propor­tionality, public trust, and moral responsibility.

 

“Education is one of the great­est legacies a parent can give a child. No reasonable person be­grudges parents for investing in their children’s future. Plato, in The Republic, reminds us that “education and upbringing are what make good human beings,” warning that neglect of educa­tion harms not just individuals but the entire constitution of society.

 

“The issue here, therefore, is not education itself, but scale, context, and moral consequence, especially when such spending is attributed to a public official in a country with extreme inequality.”

 

He added, “With N7.5 billion, it would be possible to build 25 school blocks, at N35 million per block, fully covering construc­tion, furnishing, and basic learn­ing infrastructure. This amounts to N875 million in capital expen­diture.

 

“Each block contains 6 class­rooms. Each classroom accom­modates 40 students. That means 240 students per block. 25 blocks per 240 students will equal 6,000 students educated every year.

 

“Each block would employ 18 teachers, giving a total of 450 teachers. At a monthly salary of N125,000, each teacher earns N1.5 million per year, bringing the total annual wage bill to N675 million. After construction (N875 million) and one full year of teacher salaries (N675 million), total expenditure is N1.55 billion. This leaves N5.95 billion from the original N7.5 billion.

 

“If the remaining N5.95 bil­lion is invested in Nigerian gov­ernment bonds at 19%, it would yield approximately N1.13 billion annually.

 

“From this yield, allocating N10 million per school block per year for libraries, laboratories, utilities, learning materials, meals, and maintenance would cost:

 

“N250 million annually (N10m × 25 blocks). This still leaves N880 million per year. From this bal­ance: N675 million comfortably pays teachers’ salaries every year. Over N200 million remains as surplus, ensuring reserves, expansion, and long-term stabil­ity. In effect, the system becomes permanently self-funding, with­out touching the original capital.

 

“In simple terms, the amount allegedly spent on the education of four children could establish a self-sustaining education ecosys­tem that: Educates 6,000 Nigerian children every year. Employs 450 teachers.

 

“Ironically, Nigerian children educated abroad would benefit even more if those who remain at home were educated to compa­rable standards to work for them and with them when they return. An educated society produces better governance, safer com­munities, stronger institutions, and a more dignified nation. It is a win-win.

 

“The larger guestion Nigeria has a population of about 240 mil­lion people. In a system described by former British Prime Minister David Cameron as “fantastically corrupt,” and by the U.S. Presi­dent Donald Trump as “a now dis­graced country,” it’s reasonable to assume that there are at least 2,400 individuals – just 0.0001% of the population – who, like the Farouks’, have access to extraor­dinary resources largely derived from public office.”