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.

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.” (Daily Independent)

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