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Nigerians Living Abroad Remit $35bn In 11 Months - Business - Nairaland

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Dispora Nigerians Remit $18.97bn In 2016 – UN Report / Nigerians Living Abroad Remit $35bn In 11 Months / Nigerians In Diaspora Remit N23.5tr To Economy In Five Years (2) (3) (4)

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Nigerians Living Abroad Remit $35bn In 11 Months by Truth234(m): 3:49am On Dec 21, 2016
The Senior Special Assistant to the President on Foreign Affairs and Diaspora Matters, Mrs. Abike Dabiri-Erewa, on Tuesday said between January and now, over $35bn had been remitted to the country by Nigerians living abroad.

Dabiri-Erewa disclosed this when she visited the Executive Chairman of the Federal Inland Revenue Service, Mr. Babatunde Fowler, and the management team of the FIRS in Abuja.

She said the amount so far remitted to the country by Nigerians living abroad this year exceeded the $21bn sent home by them last year.

The $35bn remittance, according to her, is the highest so far recorded in Africa this year and the third highest in the world.

“In 2016, they (Nigerians living abroad) remitted $35bn, which is higher than what was remitted in 2015. This is the highest in Africa and the third largest in the world,” she stated.

Dabiri-Erewa drew the attention of the FIRS management to tax concerns raised by Nigerians living abroad, adding that this might frustrate the objective of the government in encouraging them to invest back home.

She said, “There is a lot of talk about your organisation from Nigerians in the Diaspora concerning taxes; whether there will be tax incentives for Nigerians coming back home to engage in agriculture and other businesses.

“Recently, they expressed concern over reports that we need to pay tax on our passports. There should be collaboration between both offices to disseminate information in case they have questions or want answers.”

Responding, Fowler said the agency had not imposed any fresh tax on the collection of passports, adding that what was required from any adult applying for passport was evidence of tax compliance.

He said, “What we are saying is if you want any immigration services, either you want to renew your passport or get a new one, so long as you’re an adult and you’re making an income, you just have to show evidence of tax payment.

“There is no direct tax on passports, it’s just to show evidence of paying tax; and of course, you’re entitled to all the services of government.”

The FIRS boss explained that there were a lot of tax incentives for Nigerians abroad to take advantage of when investing in the country.

http://investorsking.com/nigerians-living-abroad-remit-35bn-in-11-months/

3 Likes 1 Share

Re: Nigerians Living Abroad Remit $35bn In 11 Months by Atiku2019: 3:56am On Dec 21, 2016
Thank You Nigerians in Diaspora..... cool

Good Morning Nairalanders smiley

15 Likes 2 Shares

Re: Nigerians Living Abroad Remit $35bn In 11 Months by Aufbauh(m): 4:06am On Dec 21, 2016
All these bogus figures ehnn...i tire!
How have this help the condition of the common man in the street?

I think their remittance is due largely to the huge differentiate in FX, as a man who earns $200/day abroad can comfortably do something wonderful in Nigeria this time.

3 Likes

Re: Nigerians Living Abroad Remit $35bn In 11 Months by EastGold(m): 4:53am On Dec 21, 2016
When you hear the amount of money generated by this government and juxtapose it with their inability to meet their obligations as and when due, you can't but ask where goes the money?

16 Likes

Re: Nigerians Living Abroad Remit $35bn In 11 Months by grandstar(m): 5:28am On Dec 21, 2016
I very much doubt these figures but they could be true.

This is massive profits in the hands of banks as they pay out at the official rate but sell at the black market one.

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Re: Nigerians Living Abroad Remit $35bn In 11 Months by Nobody: 6:41am On Dec 21, 2016
grin grin grin grin

Another reason to have a Department of Diaspora Affairs...

9 Likes

Re: Nigerians Living Abroad Remit $35bn In 11 Months by CaptainBomb(m): 6:42am On Dec 21, 2016
How can i escape Africa?

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Re: Nigerians Living Abroad Remit $35bn In 11 Months by paulchineduN(m): 6:42am On Dec 21, 2016
This govt continue dishing out figures. How does these quantum figures we keep on hearing place food on the table of the poor masses? This govt is really boring

1 Like

Re: Nigerians Living Abroad Remit $35bn In 11 Months by deri4luv1(m): 6:42am On Dec 21, 2016
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Re: Nigerians Living Abroad Remit $35bn In 11 Months by Martins301(m): 6:42am On Dec 21, 2016
grandstar:
I very much doubt these figures but they could be true.

This is massive profits in the hands of banks as they pay out at the official rate but sell at the black market one.

The figure is even understated. If the government pushes for Paypal to become fully operational in Nigeria you will see massive inflow of forex both from our nationals abroad and those engaged in legitimate online businesses

10 Likes

Re: Nigerians Living Abroad Remit $35bn In 11 Months by annunaki2(m): 6:43am On Dec 21, 2016
Yet the naira keeps crashing, this buhari's government is even more clueless than I thought.

3 Likes 1 Share

Re: Nigerians Living Abroad Remit $35bn In 11 Months by Martins301(m): 6:45am On Dec 21, 2016
paulchineduN:
This govt continue dishing out figures. How does these quantum figures we keep on hearing place food on the table of the poor masses? This govt is really boring

You brain needs serious rewiring. Is the government the owner of these various news outlets? Is the government their publisher or Editor in chief? You read stuff online and you claim government is dishing out propaganda instead of focusing on the writer. I hail o

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Re: Nigerians Living Abroad Remit $35bn In 11 Months by Pavore9: 6:47am On Dec 21, 2016
grandstar:
I very much doubt these figures but they could be true.

This is massive profits in the hands of banks as they pay out at the official rate but sell at the black market one.

Many are not using Western Union/Moneygram to send down knowing it is a loss on their part. Many prefer sending down through domiciliary accounts or they transfer the money to another account where they are after an agreed exchange rate while the naira equivalent is paid into their Nigerian account. I do same as l can't 'dash' banks my sweat!

14 Likes

Re: Nigerians Living Abroad Remit $35bn In 11 Months by mlanreh: 6:47am On Dec 21, 2016
With the rate at which the citizens are complaining I wonder what Buhari led administration z really doing with all the money derived from
All the money saved from subsidy to Money gotten from Corrupt individuals to internal generated funds and now $35bn remittances from those living outside d country. At this point I wonder what d future will look like under the president.

5 Likes 1 Share

Re: Nigerians Living Abroad Remit $35bn In 11 Months by yjgm(m): 6:48am On Dec 21, 2016
They did well. There's no place like home

1 Like

Re: Nigerians Living Abroad Remit $35bn In 11 Months by sakalisis(m): 6:54am On Dec 21, 2016
Ok
Re: Nigerians Living Abroad Remit $35bn In 11 Months by Category1: 6:55am On Dec 21, 2016
Money money money but shishi no dey enter boyz pocket

1 Like

Re: Nigerians Living Abroad Remit $35bn In 11 Months by canalily(m): 6:55am On Dec 21, 2016
Who we go ask if its trueundecided why do we still want to borrowundecided

3 Likes

Re: Nigerians Living Abroad Remit $35bn In 11 Months by 1stCitizen: 6:57am On Dec 21, 2016
This figure is neutralized by the Billions moved out by multinationals and expatriates etc

8 Likes 1 Share

Re: Nigerians Living Abroad Remit $35bn In 11 Months by Nobody: 6:57am On Dec 21, 2016
Fios grin
Re: Nigerians Living Abroad Remit $35bn In 11 Months by paulchineduN(m): 6:57am On Dec 21, 2016
You brain needs serious rewiring. Is the government the owner of these various news outlets? Is the government their publisher or Editor in chief? You read stuff online and you claim government is dishing out propaganda instead of focusing on the writer. I hail o



U can as well go to Adams Oshiomole to tell you that thing he told a widow. Have u disproved my assertion? Is the common man in the street interested in these quoted figures we have been hearing from EFCC, and other related agencies? What answer/points do u give in the name of defending this govt of cluelessness. When sentiments becloud ur sense of reasoning, the resultant effect is what we have just seen. And that is ur above statement

1 Like

Re: Nigerians Living Abroad Remit $35bn In 11 Months by yinkslinks(m): 6:58am On Dec 21, 2016
Abroad the sure way to forget our bad system.
Re: Nigerians Living Abroad Remit $35bn In 11 Months by martineverest(m): 6:58am On Dec 21, 2016
the brain-drain is helping the economy,tho

1 Like

Re: Nigerians Living Abroad Remit $35bn In 11 Months by Clone2020(m): 6:58am On Dec 21, 2016
While this is impressive, it's still a travesty how Western Union and other remittance companies are taking advantage of Nigerians living abroad. They exchange at a rate of 375/$ plus fees which actually decrrases the rate to around 345/$, they take that same dollars and sell it in the black market at the rate of 490/$. If this is not exploitation then I don't know what is.

If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 410/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. See my contact below.

3 Likes 1 Share

Re: Nigerians Living Abroad Remit $35bn In 11 Months by mykelly(m): 7:02am On Dec 21, 2016
EastGold:
When you hear the amount of money generated by this government and juxtapose it with their inability to meet their obligations as and when due, you can't but ask where goes the money?
the amount in question is not generated be the government, be guided

3 Likes

Re: Nigerians Living Abroad Remit $35bn In 11 Months by chrisxxx(m): 7:02am On Dec 21, 2016
Over 80 percent remitted by Ibos no doubt.
Re: Nigerians Living Abroad Remit $35bn In 11 Months by denziz: 7:02am On Dec 21, 2016
What continue to baffle me is despite the large quantum of injection into into the ecnnomy the Naira maintain its downward trend.This should have cushion the effects of the lost in foreign exchange due to low price of crude oil and pipe line vandalism,something is wrong somewhere.

1 Like

Re: Nigerians Living Abroad Remit $35bn In 11 Months by mu2sa2: 7:03am On Dec 21, 2016
Looks like people would soon stop believing politicians and naija men of god - those are most shameless liars. When a politician's lie is exposed he covers it with another lie and yet more lies follow as the crook tries to cover up his/ her statements. The self - proclaimed man of god is even more adept as a serial liar: the crook simply keeps mute and allows the lie to fizzle our or covers it up with "god changed his mind".

1 Like

Re: Nigerians Living Abroad Remit $35bn In 11 Months by truthspeaks: 7:04am On Dec 21, 2016
Ok

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