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Wednesday 16 June 2021
HomeNewsForeign remittances to Nigeria fall by 50%

Foreign remittances to Nigeria fall by 50%

Annual remittances by the Nigerian Diaspora have fallen by 50%, from US$10 billion to US$5 billion, due to the economic crisis in Europe and other Western countries, the private Punch newspaper reported Friday, quoting the Director-General of the Budget Office, Dr. Bright Okogu.

In a reversal of fortunes, Dr. Okogu said most of the Nigerian Diaspora now depend on their relatives in Nigeria to send them money for their upkeep.

”The sovereign debt crisis and the declining Gross Domestic Product in Europe, low manufacturing output in France, Germany, Italy and Spain and growing US debt to the Gross Domestic Product ratio have led to situations where Nigerians abroad are now finding it difficult to make ends meet,” he said

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