• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
AFRIPOL

AFRIPOL

en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
  • Home
  • About Us
  • Mission Statement
  • Articles
  • Book Review
  • Archive
  • Contact Us

Nigerian Diasporas Remit $60.22bn in three years.

August 9, 2022 by AFRIPOL Leave a Comment

Data coming from The World Bank and Budget Office of the Federation shows that Nigerians in Diaspora have remitted $60.22bn to Nigeria in three years.

“The World Bank noted that Diaspora remittances into Nigeria were estimated at $23.81bn in 2019. In its 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, the Ministry of Finance, Budget and National Planning, disclosed that Diaspora remittances were $17.21bn in 2020 and $19.2bn in 2021.”

“The World Bank projects Nigeria’s Diaspora remittance inflow to increase by 7.1 per cent in 2022 reflecting the gains of the continued adoption of official bank channels and the expectation that more migrants will likely send more money home to support families in the face of increases in cost of living, This is expected to reverse the decline in the foreign reserve position and strengthen the current account balance, which has been in a net deficit since Q1 2019.”

To put it in perspective, Nigeria budget for 2022 is slotted at $39.8 billion and Nigeria cannot studiously implement its budget because its generated revenues are declining. At this moment Nigeria internal generated revenue is far below her debt. This literally means that the country cannot pay her bills and financially cannot run the country.

“The deficit will rise to 6.26 trillion naira, or 3.39% of GDP to be funded by new borrowing, proceeds from privatisations and drawdowns on loans secured for specific projects, Muhammadu Buhari told a joint sitting of the Senate and the House of Representatives.”

The remitted fund from Nigerians living abroad exceeded the money Nigeria makes from oil revenue. Therefore the remittance when properly managed by Nigeria can be used to finance its budget deficits instead of jumping into more borrowing, accumulating more debts that country cannot handle.

Filed Under: Articles, Strategic Research & Analysis

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

More to See

US Janet Yellen in Senegal: Woos Africa as US Vies With China, Russia for Clout

January 19, 2023 By AFRIPOL

African Igbo Cultural Dance From Enugu, Nigeria.

January 18, 2023 By AFRIPOL

RSS AllAfrica News: Latest

  • Ghana: Fire Razes Twin Storey Building At Kwadaso-Siloam C'nity
    [Ghanaian Times] Fire swept through a twin storey building in the Kwadaso-Siloam community in the Ashanti Region on Saturday morning, destroying items worth thousands of Ghana Cedis.
  • Ghana: $350,000 Stem Project Inaugurated in Accra
    [Ghanaian Times] The Alpha Beta Education Centre (ABEC) in Accra has launched a $350,000 Science, Technology, Engineering and Mathematics (STEM) project to provide free structured programmes and trainings for students and teachers.
  • Ghana: Forestry Commission Decries Rampant Wildfires Within Transitional Zones
    [Ghanaian Times] The Forestry Commission (FC) has expressed worried about the rampant spate of wildfires within the transitional zones of the country.
  • Ghana: Ex-President Mahama Advocates Reinstitution, Extension of Debt Service Initiative for Debt-Strapped Countries
    [Ghanaian Times] Former President John Mahama has advocated the reinstitution and extension of the Debt Service Suspension Initiative (DSSI) to afford Ghana and other debt-strapped countries some limited fiscal respite.
  • Nigeria: State House Will Lead Nigeria's Energy Transition Plan - Gambari
    [Leadership] Chief of Staff to the President, Professor Ibrahim Gambari has declared that the State House will lead the way in keying into the global shift towards renewable energy choices by government institutions in line with Nigeria's Energy Transition Plan.
  • Ghana: Energy Commission to Begin Enforcement of 19 New Regulations On Electrical Appliances, Renewable Energy Products
    [Ghanaian Times] The Energy Commission, will this year, begin the enforcement of 19 new regulations on the importation and manufacture of electrical appliances and renewable energy products in the country.

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States
  • Facebook
  • Instagram
  • Twitter
  • YouTube

Archives

Footer

Africa Political and Economic Strategic Center, AFRIPOL is foremost a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa.

Recent

  • Emmanuel Acho: Nigerian American stirs controversy for Saying He Doesn’t Have ‘Generational Trauma’ Like Black Americans because he was raised in a Nigerian Household
  • Tribunal Sacks duly elected Adeleke as Governor of Osun, Declares Oyetola as the Winner
  • Update: Peter Obi Can he Rescue Nigeria like Singapore’s Lee Kuan Yew? Yes He Can!
  • Africa projected to outperform Globally in economic growth by AfDB Boss
  • Peter Obi/Datti makes History! The First Presidential Team to visit Boko Haram ravaged region of Southern Borno

Search

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States

Copyright © 2023 · AFRIPOL