I love Hon Gilbah's, submission on ait this morning. Well read and articulate. Hes a leader who is ready to go down for his people. That's the kind of man we want in the helms of affairs.

Tolexander:
Please o, don’t withhold it o

This is what has been sustaining many of us in Nigeria, since the politicians have decided to withhold our commonwealth, spending it outside the country.

To those saying why the threat, aren’t they sending the money to their family?
If the money is sent to their families, are their families keeping the money?

What you don’t know is that the money sent to their families and assets acquisition in Nigeria have surely increased the percentage of cash flows in Nigeria

Wase get sense so? Wase no get sense atall

Golan007:


No I can't.
Now fvck off.

I know you can't.

Now leave finance matter for the experts.

That's why the whole 19 northern states do not have even one Tier I bank they manage.

Agriculture should be your main focus.

Dotherightthing:
Nigerians based in Nigeria do earn dollars from abroad. And they are many!

Not all dollar inflows from abroad is diaspora remittance.

Please let's be informed.

We know but most of it is diaspora remittance

SarkinYarki:


We know but most of it is diaspora remittance

That was before.

Now, earned dollars is much if not more!

At a time this gornment (python) is desparately looking for dollars to swallow then came a pussy-ass legislathief to spoilt everything.

Golan007:


So you actually believe a group can prevent diasporans from sending money home?

I am highly depressed right now over the diversion of this topic from the main point.

Instead of debating about the amount remitted home by Nigerians in diaspora, we should be discussing about Fulani Invasion of Tiv land and Benue in general. The request to the National Assembly is the alleged take-over of their ancestral lands, forcing their kith and kin to flee for safety.

This should be our focus.

Simplyleo:

I still don't understand what kind of threat this is.

Are they sending the dollars to Nigerian account or to their families?

Just like a man threatening to stop taking care of his family for whatever reason.

They can withhold their remmittance, maybe so buhari will die of hunger.

Whatever benefit Nigeria stand to gain from the remmittance can go to blazes.

Nonsense and ingredients.

Abike dabiri and Nidcom can never agree with you. You clearly know not how much they earn from them. Over time, the commission has helped Nigerians abroad alot of time.

thebosstrevor1:


Pls shows us the government data were it is written that they send 24 billion dollars annually

Central Government is not organised enough to have such perennial data..
They only organise kwaruption, dish out poorly crafted policies which impoverish the suffering masses.


.

DNA4ALL:
I love Hon Gilbah's, submission on ait this morning. Well read and articulate. Hes a leader who is ready to go down for his people. That's the kind of man we want in the helms of affairs.

We should have supported Hon Gilbah's submission here on nairaland rather than wasting time on remittance from abroad.

I am highly depressed right now over the diversion of this topic from the main point.

Instead of debating about the amount remitted home by Nigerians in diaspora, we should be discussing about Fulani Invasion of Tiv land and Benue in general. The request to the National Assembly is the alleged take-over of their ancestral lands, forcing their kith and kin to flee for safety.

This should be our focus.

This is what happens when politicians from one region of the country conspire to destroy the country just Because of Buhari and his fulani people.

Fulanis don't own Nigeria.

It is even worrisome that other MPs from the South are not talking.

Its was the TIVs yesterday, today the Yorubas are facing the same challenge. soon the Fulanis will drive us all out of our ancestral lands.

Speak up now Southern MPs, do not fear Buhari or the North.

Stand up for for your people and defend your lands!

thebosstrevor1:
They can hold it.

Let them continue to deceive themselves. Na their families go suffer.

If Nigerian abroad truelly send 29 billion dollars, we wont be in any dollars crises even if the price of oil falls.

In 2019, Nigeria oil revenue was $64.9 billion, so this people abroad are telling us that they send almost half of the country's oil revenue. What a joke.

Infact oil and agriculture are the bulk of Nigeria's revenue, not diaspora remittance.

Don't ever doubt the figures. Nigerians sends over that mark i tell you. Nigerians are avid spenders all just to show wealth and opulence. I personally know of two women who came back from abroad respectively, one to complete house project and another do daughter's engagement and mark birthday. The amount already remitted back home for these purposes is already in millions of naira and that's just two I know. The thousands flocking in and out of our airports too are not coming empty handed o whether Nigerian or otherwise

thebosstrevor1:
They can hold it.

Let them continue to deceive themselves. Na their families go suffer.

If Nigerian abroad truelly send 29 billion dollars, we wont be in any dollars crises even if the price of oil falls.

In 2019, Nigeria oil revenue was $64.9 billion, so this people abroad are telling us that they send almost half of the country's oil revenue. What a joke.

Infact oil and agriculture are the bulk of Nigeria's revenue, not diaspora remittance.

Keep deceiving yourself.... When your guardians told you to learn and read your books, you kept telling them "School is scam" now see yourself disgracing yourself in a public forum...

Have you asked yourself a question... Why are banks giving you incentives just to receive dollars?

I know you are working hard for your monthly 30k stipends as BMC e-diots but that shouldn't let you loose your sense of reasoning while contributing to a public forum because you may end up infecting your "ignorance " to the naive readers here...

SouthSouth1914:


Ignorance is really a disease!

Is that data

Or news headlines

shiwex:
Nigerians are too ignorant

Top Remittance Recipients in 2019 (USD)
Rank Country Remittance Inflows % of Nominal GDP
#1 �� India $82.2B 2.8%
#2 �� China $70.3B 0.5%
#3 �� Mexico $38.7B 3.1%
#4 �� Philippines $35.1B 9.8%
#5 �� Egypt $26.4B 8.8%
#6 �� Nigeria $25.4B 5.7%
#7 �� Pakistan $21.9B 7.9%
#8 �� Bangladesh $17.5B 5.5%
#9 �� Vietnam $16.7B 6.4%
#10 �� Ukraine $15.9B 11.8%

In 2018, migrant remittances to Nigeria equaled US$25 billion, representing 6.1% of GDP. This also represents 14% year-on-year growth from the $22 billion receipt in 2017. The 2018 figure translates to 83% of the Federal Government budget in 2018 and 11 times the FDI flows in the same period.

It can be quite frustrating seeing how ignorant and proud some of them sound here. They will rather argue with you and throw insults instead of gaining knowledge about things they don't know.

Without remmitances flowing into Nigeria, this country will have totally collapsed by now. Check most projects going on like buildings, hotels, schools, estates down to medical bills, house rents etc and you will discover that a significant proportion of them are proceeds from remittances!

The striking thing to note that this figures are the official ones that passed through channels that made it possible for them to be recorded. A good proportion of others weren't even captured!

thebosstrevor1:
They can hold it.

Let them continue to deceive themselves. Na their families go suffer.

If Nigerian abroad truelly send 29 billion dollars, we wont be in any dollars crises even if the price of oil falls.

In 2019, Nigeria oil revenue was $64.9 billion, so this people abroad are telling us that they send almost half of the country's oil revenue. What a joke.

Infact oil and agriculture are the bulk of Nigeria's revenue, not diaspora remittance.

Oga our GDP is close to $500bn ...do u even know what that means ?

Simplyleo:

I still don't understand what kind of threat this is.

Are they sending the dollars to Nigerian account or to their families?

Just like a man threatening to stop taking care of his family for whatever reason.

They can withhold their remmittance, maybe so buhari will die of hunger.

Whatever benefit Nigeria stand to gain from the remmittance can go to blazes.

Nonsense and ingredients.

I thought u are smarter than this ...hope when naira gets to 750 a dollar u would know the importance of that money

Ignorant people everywhere

thebosstrevor1:
They can hold it.

Let them continue to deceive themselves. Na their families go suffer.

If Nigerian abroad truelly send 29 billion dollars, we wont be in any dollars crises even if the price of oil falls.

In 2019, Nigeria oil revenue was $64.9 billion, so this people abroad are telling us that they send almost half of the country's oil revenue. What a joke.

Infact oil and agriculture are the bulk of Nigeria's revenue, not diaspora remittance.

Comot from your village

Lol, not sure they'd be able to withhold it, cos that. Would mean not sending money home to their dependants or for Business

thebosstrevor1:
They can hold it.

Let them continue to deceive themselves. Na their families go suffer.

If Nigerian abroad truelly send 29 billion dollars, we wont be in any dollars crises even if the price of oil falls.

In 2019, Nigeria oil revenue was $64.9 billion, so this people abroad are telling us that they send almost half of the country's oil revenue. What a joke.

Infact oil and agriculture are the bulk of Nigeria's revenue, not diaspora remittance.

64 . 9 billion? really?


64900000000 divided by 365 days =$177 million daily


How many barrels of oil did Nigeria sell daily in 2019 and at what price?

@ 2.1 million barrels that would require a price in excess of $85 which has not happened since Buhari came to power.

So your claim is dubious
Oil cost $17 a barrel to produce in Nigeria .
Not all "revenue" is Profit.

Also The profit from oil does not go entirely to the government.
The oil companies take a significant chunk which they repatriate to their home countries

Also I think you are mistaking contribution to GDP with revenue
Agriculture contributes NOTHING to revenue NET. In fact its contribution is NEGATIVE because it is heavily subsidized.
Inform your self better.

From ALL indications Diaspora remittances contributes MORE dollars to the economy than oil
Bear in mind that the official figures are likely an estimate. Nigerians send a lot of money in through informal channels too

thebosstrevor1:
They can hold it.

Let them continue to deceive themselves. Na their families go suffer.

If Nigerian abroad truelly send 29 billion dollars, we wont be in any dollars crises even if the price of oil falls.

In 2019, Nigeria oil revenue was $64.9 billion, so this people abroad are telling us that they send almost half of the country's oil revenue. What a joke.

Infact oil and agriculture are the bulk of Nigeria's revenue, not diaspora remittance.

Continue making mouth!

Is that $64.9 before you share with IOC or after your share with IOC.

Nigeria’s Diaspora remittances exceed oil receipts for 4yrs running
…highlight need to harness human capital potential

MICHAEL ANI
Apr 30, 2019
Remittances by Nigerians in the Disapora have for the fourth year running exceeded the country’s receipts from oil. Analysts say this is an indication that the country will do well to tap the potential in its greatest asset – human capital – rather than concentrating on oil that has over time failed to lift its…
https://businessday.ng/exclusives/article/nigerias-diaspora-remittances-exceed-oil-receipts-for-4yrs-running/

Simplyleo:

I still don't understand what kind of threat this is.

Are they sending the dollars to Nigerian account or to their families?

Just like a man threatening to stop taking care of his family for whatever reason.

They can withhold their remmittance, maybe so buhari will die of hunger.

Whatever benefit Nigeria stand to gain from the remmittance can go to blazes.

Nonsense and ingredients.

The Central Bank of Nigeria has introduced a “Naira 4 Dollar Scheme”, an incentive that pays naira to senders and recipients of international money transfers.

The policy is aimed at boosting dollar supply in the country, at a time of foreign exchange crunch that has forced the central bank to devalue the naira more than once in year.

Tolexander:
Please o, don’t withhold it o

This is what has been sustaining many of us in Nigeria, since the politicians have decided to withhold our commonwealth, spending it outside the country.

To those saying why the threat, aren’t they sending the money to their family?
If the money is sent to their families, are their families keeping the money?

What you don’t know is that the money sent to their families and assets acquisition in Nigeria have surely increased the percentage of cash flows in Nigeria

Were you not one of the APC e-goats of yesteryears?

Looks like suffering has delivered you from your blindness.

thebosstrevor1:
They can hold it.

Let them continue to deceive themselves. Na their families go suffer.

If Nigerian abroad truelly send 29 billion dollars, we wont be in any dollars crises even if the price of oil falls.

In 2019, Nigeria oil revenue was $64.9 billion, so this people abroad are telling us that they send almost half of the country's oil revenue. What a joke.

Infact oil and agriculture are the bulk of Nigeria's revenue, not diaspora remittance.

some times it is best to be silent than talk and expose your ignorance. When you don't know something, keep quiet and try to learn. You just spewed a load of trash. Even cbn knows the numbers and you an ignoramus just rushed here to blab rubbish

Simplyleo:

I still don't understand what kind of threat this is.

Are they sending the dollars to Nigerian account or to their families?

Just like a man threatening to stop taking care of his family for whatever reason.

They can withhold their remmittance, maybe so buhari will die of hunger.

Whatever benefit Nigeria stand to gain from the remmittance can go to blazes.

Nonsense and ingredients.

Don't make urselfe sound stupid because of your blind support for Buhari.

Any funds received from abroad through any of the Nigerian financial institutions, the government makes money from it.

The only funds the government don't make some kind of commission in it is when u enter Nigeria with ur dollars in cash, even at that when u exchange that dollar to naira and spend it, you are indirectly paying some kind of VAT as the manufacturer of the goods u are buying must have factored in his tax on the price of his products.

thebosstrevor1:


So Google will give me the answer.

Do you know what is even counted as remittance.

Foreign direct investment is infact counted as remittance.

The only people who can give real data about individual remittance are the apps and the banks.

90% of Nigeria foreign exchange is from oil and agriculture not diaspora remittance.

Also Nigeria wont be in a dollar crisis if Nigerians abroad do send 24 billion dollars annually

Please stop talking/typing because the more you do, the more you disgrace yourself. SMH!

thebosstrevor1:


Is that data

Or news headlines

You can see for yourself whether it is data or just news headlines.

thebosstrevor1:
They can hold it.

Let them continue to deceive themselves. Na their families go suffer.

If Nigerian abroad truelly send 29 billion dollars, we wont be in any dollars crises even if the price of oil falls.

In 2019, Nigeria oil revenue was $64.9 billion, so this people abroad are telling us that they send almost half of the country's oil revenue. What a joke.

Infact oil and agriculture are the bulk of Nigeria's revenue, not diaspora remittance.

Ignorance dey worry you big time!

Yes, oil is Nigeria's biggest source of income but diaspora remittances are almost as important due to reduced foreign investment inflows and a drop in oil prices.

EastisBae:


Jon Snow, you know nothing!
Why not Google remmitances recipient countries and see how much Nigeria earns from its diaspora population instead of exposing your ignorance?

Nigeria is among the world's largest remmitances receiving countries and it fetches us far more money/forex than agriculture or any other commodity aside crude oil.

Pls show us the data, so we can all benefit. Show us the recipient Nigerian banks with the amount they received as Diaspora remmitance?