Buhari: $25bn Annual Diaspora Remittance Exceeds 80% of Yearly Budget - THISDAYLIVE

President Muhammadu Buhari saturday declared that the $25 billion annual remittance by Nigerians in the diaspora was more than 80 per cent of the country’s annual budget and formed about six per cent of the Gross Domestic Product . Buhari disclosed this in a video message in commemoration of this year’s Diaspora Day, observed on July 25 every year.

According to a statement by Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, Buhari appealed to Nigerians in the diaspora to support the country’s post-COVID-19 economic recovery effort. He implored them not to abandon their country in this time of global challenge. He said the annual home remittance by citizens abroad had aided productivity in various sectors of the country, and pointed out that the remittances had been rated as the highest in sub-Saharan Africa.

The statement quoted Buhari as saying, “Over the past three years, Nigerians in the diaspora have brought in over $25 billion annually as home remittances to the Nigerian economy through official and non-formal channels. This is about six per cent of our annual GDP and upwards of 80 per cent of our annual budget. This has impacted on livelihoods of Nigerians in terms of education, health, housing and estate development, industry, trade and investments, agriculture and technology/skills transfer.

“Nigerians in diaspora are also known to be engaged in skill transfer in ICT and industry. They are also active in our universities as lecturers, and in carrying out medical missions. It is, therefore, my sincere hope that even with the depressed economy under stress in the year 2020 due to the COVID-19 pandemic, Nigerians in the diaspora will rise up to the occasion of not abandoning their country of origin, but be active in our Post-COVID-19 economic recovery efforts.

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