- Diaspora Remittances Equal 84% of National Budget in 2018
The total amount remitted by Nigerians abroad in 2018 was 84 percent of the national budget, stated Mr. Ike Chioke, the Managing Director, Afrinvest West Africa Limited.
Chioke further said diaspora remittances exceeded gross oil revenue in 2018, therefore it is important to pay more attention to such inflow.
The Afrinvest boss disclosed this in a report titled: “Anyí Aga Ato na Mmehie? – Envisioning New Paradigm for Investment n’Ala Igbo,” obtained at the weekend. Anyí Aga Ato na Mmehie is the Igbo translation of ‘Shall We Continue in Sin?.
The managing director noted that the $7.2 billion remitted by Nigerians in the United States in 2018 was higher than the entire $6.7 billion appropriated for capital expenditure in the 2019 budget.
“Nigeria is not an oil producing country. Nigeria is a human capital producing country because diaspora flows far exceed gross oil revenue receipts,” he stressed.
According to him, the national debt has risen by 84 percent or $27.9 billion in the last four years, largely driven by $15.7 billion increase in foreign debt. Nigeria spent $5.2 billion on fuel subsidy.
“Buhari rejected the Petroleum Industry Governance Bill (PIGB) that would have revolutionised, liberalised, completely reformed, eliminated most of the fraud and subsidy, ensured transparency, inspired confidence and attracted massive economic investments to the oil sector for the simple reason that it reduced the powers of the president to interfere with the oil sector
“The reality of energy transition is catching up very fast and may result in a complete waste of opportunities if investments are not attracted in the next five years.”
Speaking on social injustice, he said injustice continues to thrive among public office holders without any form of punishment, and some cases remain in their jobs.
“In addition, the recent travails of former CJN Onnoghen at the CCT clearly shows that the Executive branch of government has taken full control of the Judiciary,” he said.