₦airaland Forum

NwaliE01:
Remittance went up because we have lots of people struggling to feed back home.
Lots of people struggling to pay school fees, lots of people unable to pay their rentals.

This is not a good sign at all and we shouldn't celebrate this wickedness!

It’s a very bad sign, reflecting the terrible failure of APC palliative-sharing progreThieves.

anonimi:
May 1, 2025

May Day: Hunger, unemployment, insecurity real— Tinubu

According to him: “The theme demands our collective attention and serves as a stark reminder of the need to create an environment where every worker feels safe, valued, and empowered to contribute to the growth and prosperity of our nation. As your President, I assure you that this administration is committed to creating such an environment for the common good.”

On the economic hardship, he noted that while it is a global phenomenon, its effects on Nigerians are particularly severe.

Tinubu said: “I am aware of the peculiarities of the economic hardship Nigerians face—rising living costs, hunger, insecurity, unemployment, and the loss of livelihoods. These challenges are real and demand definitive solutions, which I am poised to address as your President.

https://www.vanguardngr.com/2025/05/may-day-hunger-unemployment-insecurity-real-tinubu/

it's not valuable proof of reforms but a direct implications or derivative of devaluation and natural opportunities it creates for diaspora.

it has nothing to do with the real local economic reforms which is causing suffering and affecting the masses.

casualobserver:
When people read but don’t comprehend it leads to poor understanding of the issues.

This is the amount of remittances that is now coming in via official channels not the total remittances.

It means instead of the past where Nigerians abroad bring in cash and exchange to Naira via street vendors or look for someone who needs forex and credit the person’s account abroad in exchange for credit to Naira account. More and more diasporans are either using their foreign cards in Nigeria or transferring the monies direct to their accounts in Nigeria. That’s what they mean by official forex inflows.

It means more of the diaspora remittances now sits inside the formal banking system.


When they say go to a good school, it is not a scam!

We are together my brother, most of us does not know the importance of remittance from abroad and it's positive effects on the economy.

yns4real:
https://punchng.com/600m-monthly-diaspora-remittances-proof-of-reforms-fg/

But is it only me, why do we celebrate diaspora remittance as an achievement? Personally I think its only indication that Nigerians abroad are doing well in their various countries.

It has nothing to do with government policies


If am wrong, am open to constructive discussions

Agbado propaganda government don start again o, people are suffering, that’s why their relatives abroad are sending more money 😂

DeLaRue:
The $600 million per month refers to the amount coming in directly through the Non-resident banking route recently introduced by the CBN, not the total remittances coming into the country.

According to the world bank, the total remittances into Nigeria in 2024 was a record-breaking $21.2 billion which is more than the $17b you wrongly claimed to be the highest.

https://data.worldbank.org/indicator/BX.TRF.PWKR.CD.DT?locations=NG

Mr Tinubu is Nigeria's greatest ever reformist head of State/President.
I genuinely believe that.

Well said,bro,👍🙏.
What iv read up shows they don't understand how the Economy Works!
- Gone are the days - when you Import just anything under different mode of using FOREX for illegality e.g gun running,sands into Nigeria,etc.
Why should we be importing anything like they do in CFA Countries - e g Benin Republic - import just anything.
What Nigeria needs is Economic Development and Productive ECONOMY - Exports Your Goods and Be Competitive.
But what we see here from our Opposition Footsoldiers is nasty busy bodies,hates and bitterness,as if they are the only one in Nigeria.
*Seun Osewa-how now?
When we talk now - e g we call on the IPOB,you seize our Accounts - for hours!
- Is it Not True they exist,even your Management of this Site? Just a ❓

DeLaRue:
And some want us to change the most reformist President in the history of Nigeria and bring in a bunch of mostly failed politicians in 2027

That volume of remittance simply proves how much the APC and Tinubu had failed. Without the monies from the people in other countries, a lot of families in nigeria won't survive.
It's a pity your useless government has turned nigerian to beggers

autoez:
If you're hoping for a miracle to improve your finances, you're in for a long wait. My advice to everyone is to start a business and create opportunities for themselves. Stop relying on the idea of free money. The economy is starting to stabilize, so don't let yourself fall behind; otherwise, your future generations may look back and criticize you.

When has Nigerians ever waited for free money? What's even wrong with y'all. You ask them to start businesses but when they do, your useless government will still run the businesses down with multiple taxations.

I'm now convinced you supporters of this government are demon-possessed.

PrincessDiana:
You dont need to be twisting facts to justify ineptitude.
See the screenshot below.

What is he twisting?, you celebrate ignorance too much. Last year, total remittances was $21b under this administration. A new reforms was introduced two months ago with the CBN allowing remittances through a flexible exchange rate and premium naira card. The result is the rise in average monthly remittances. A lot of school drop outs do not understand the meaning of "monthly average" . By the time total remittances for the year is computed, it going to surpass $21billion recorded last year by far.

The Federal Government has expressed excitement over a sharp rise in diaspora remittances, which have surged to $600m monthly in the past two months, according to figures from the Central Bank of Nigeria.

The Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, said the increase reflected renewed confidence in the Nigerian economy and recent CBN policy reforms.

In a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun, on Monday, Dabiri-Erewa described the inflow as “humongous,” noting that it marked a 200 percent jump from the $200m monthly average previously recorded.

Proof of what exactly? Nigerians are very hungry and their people are sending them money in large sum this day back to back just to survive, and ur saying proof of government what? Abi government suffocating the masses

Herkim:
This is knowledge gap from you, this is part of major earnings from abroad into Nigeria economy. It is use to boost the economy.

Remittances no be real sign say economy dey strong. If anything, it shows that the economy is not strong. Why people dey even send money? Because family cannot survive with the small they have. If the economy is solid, people no go dey depend on families abroad to buy food or pay rent.

Most of the money sef no dey enter investment. Na to chop, pay school fees, or other bills. It helps families, yes, but its not creating job or building factories. So how that one take mean economy dey grow?

APC dey use am as bragging point, but truth be say na shame. Instead of creating opportunities for people at home, dem dey point finger at diasporans sending from outside. If you check countries like Nepal or Philippines wey remittance high, dem still dey struggle with unemployment and poor infrastructure.

So abeg, remittance na survival mechanism, no be achievement.

DeLaRue:
And some want us to change the most reformist President in the history of Nigeria and bring in a bunch of mostly failed politicians in 2027

A failure is a failure no matter how you try to package him. Tinubu is a a monumental failure as president. Only failures say otherwise

DeLaRue:
And some want us to change the most reformist President in the history of Nigeria and bring in a bunch of mostly failed politicians in 2027

Dey deceive yourself.

Reformist ko, renovationist ni.

The increase is as a result of the distruction your messiah has brought upon the economy.

Diasporians have to remit more to enable their people here keep up.

I know you won’t know this because your reasoning can carry it.

Who is sending money through black market again from abroad?
It's obvious you dont know anything about remittances or modern day banking.

casualobserver:
When people read but don’t comprehend it leads to poor understanding of the issues.

This is the amount of remittances that is now coming in via official channels not the total remittances.

It means instead of the past where Nigerians abroad bring in cash and exchange to Naira via street vendors or look for someone who needs forex and credit the person’s account abroad in exchange for credit to Naira account. More and more diasporans are either using their foreign cards in Nigeria or transferring the monies direct to their accounts in Nigeria. That’s what they mean by official forex inflows.

It means more of the diaspora remittances now sits inside the formal banking system.


When they say go to a good school, it is not a scam!

Kobojunkie:
Only $600 million a month at this point in time? Yikes! Nigerians in diaspora no dey too send money home again abi wetin? At this rate, the county will fall far short of previous high of about $17 billion a year from the diaspora.😐😐😐😐

I think this is the highest that has ever passed through Banks and official channels. Most of the previous 17 Billion USD didn’t pass through official channels but were concentrated in the black market and largely unaccounted for. I don’t think we ever got over $400 million in a single month prior to this.

You are the one that needs to learn to read and understand properly. Look again at what you posted, because $200M per month previously as now jumped to $600M months, just means :
$200M/ month × 12 months =$2.4B/ Years
And $600M/ month ×12 months = $7.2 Billion/ Year.

And not $21B as you postulated.

In a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun, on Monday, Dabiri-Erewa described the inflow as “humongous,” noting that it marked a 200 percent jump from the $200m monthly average previously recorded

zero8zero:
What is he twisting?, you celebrate ignorance too much. Last year, total remittances was $21b under this administration. A new reforms was introduced two months ago with the CBN allowing remittances through a flexible exchange rate and premium naira card. The result is the rise in average monthly remittances. A lot of school drop outs do not understand the meaning of "monthly average" . By the time total remittances for the year is computed, it going to surpass $21billion recorded last year by far.

This only shows that Nigeria now depends more on their family abroad to survive now,just like my wife she had to depend on her sister monthly support from Us to survive the ash economy even me have to beg some of my friends abroad to weather the storms at home, something that was not happening before

Kobojunkie:
Only $600 million a month at this point in time? Yikes! Nigerians in diaspora no dey too send money home again abi wetin? At this rate, the county will fall far short of previous high of about $17 billion a year from the diaspora.😐😐😐😐

Most of that $17 billion came through informal channels. And government had no access to most of that dollars falling in private hand. Very little amount of $200 million and below was coming through official means. That is changing now. Most Nigerians in diaspora are now choosing official channels as the naira value has been harmonised between official and black markets. This means more dollars is flowing into official channels to be used by government to increase forex reserves and stabilise the value of naira and even increase the value of naira as compared to dollars.

Dbegining:
Proof of reform or proof of a dying economy? It

Proof of reform or proof of a suffering people? These monies are not for investment but rather monies sent to loved ones from the diaspora. That means the cost of living has increased and begging has increased.


I really condemn in the strongest of terms how this government calls it's bad economic decisions reforms.

Where do we start to educate you now? You have a long way to go in understanding whats going on. Eventually the value of naira will improve and this will also improve inflation and reduce poverty eventually. It is a long walk which will eventually be happy for everyone.

Kobojunkie:
Only $600 million a month at this point in time? Yikes! Nigerians in diaspora no dey too send money home again abi wetin? At this rate, the county will fall far short of previous high of about $17 billion a year from the diaspora.😐😐😐😐

During GEJ, na 20billion dolls we dey get some bad years..

Na why that time tinubu, bakare dey sidon for their bedrooms order champagne with their master card, in the next eke market day, consignment go drop.
Seunmsg dey use him master card that time dey subscribe for cheap porn sites just to self-service anyhow...
Life was sweet until APC, association of past, present n previous Criminals came onboard.
They first blocked the privileges of Nigerians buying something on eBay, amazon, ali Express with their naira account, the next thing was to stop dollar payment from counters in all commercial banks, so if ur relative sends u dollar from abroad, the bank will pay u equivalent in naira, that's where the round tripping started o.
Nigerians abroad started using alternative ways to send funds to their people back home.

APC inventing metric just to deflect the price of bag of rice in the market.

No single atom of shame.

Eniitankorede:
Where do we start to educate you now? You have a long way to go in understanding whats going on. Eventually the value of naira will improve and this will also improve inflation and reduce poverty eventually. It is a long walk which will eventually be happy for everyone.

Thank you for trying to educate me.

But, in my humble and very little knowledge, let me make something clear to you.

Nigeria has had a Balance of Payment (BOP) deficit since the 1990's

No nation on Earth has ever used income from diaspora (Current Account) to flip the position of it's BOP. It has never happened and it won't happen with Nigeria. So, the talk of inflation will come down and rhe value of Naira will improve won't happen based on increase in remittance from diaspora.

You know why? Cause only a producing economy can bring about that. A industrialized country - a category which Nigeria currently doesn't fall into.

You said it's a long walk. I disagree. It's an impossible walk.

PrincessDiana:
Who is sending money through black market again from abroad?
It's obvious you dont know anything about remittances or modern day banking.

This is the story of the typical Nigerian who started his journey in education after the 1990s. By this time the best teachers had started to quit the education sector. The result is that he reads but does not understand what he read. His education is incomplete. He speaks English but does not understand English. Because when he reads a statement that says more and more people are sending money via the official channels it is clear that even the authorities acknowledge they have not been able to bring all remittances into the official channels….in fact they can never. No remittances are 100% via official channels anywhere in the world.

To start with not most diasporans don’t have accounts in Nigeria. Many of them especially those abroad illegally have not visited in a long time. Many of them are not aware of the non resident BVN. Many of them have better things doing abroad to know what is going on in Nigeria. The scheme is less than a year old. Many don’t send money home that frequently to bother to open a foreign BVN account. As a result many remittances still go through the old informal channels. Even I have facilitated Naira payments for many diasporans. For many diasporans the bank charges for small sums in not worth the hassle. For instance the minimum for international transfer via my UK bank is £15 to a country outside the EU. Which means someone in the Uk who wants to transfer a small sum like £100-500, may consider it more prudent to still use unofficial channels. For international transfers outside the EU most UK banks charge 1.5%. Even within the EU if you want to make a same day transfer you will pay a fee. If you don’t want to pay a fee it will take you 2 days. Most banks charge a minimum fee for international transfers. I have accounts in the Uk. Nigerian banks also charge a fee to receive. Furthermore if you want a rapid transfer the fees are even higher. When you can just call your usual unofficial guy and get your money in seconds.

Yes there are fintechs but not everyone has a regular need to remit to warrant opening a fintech.



Clearly you are not as knowledgeable as you are portraying.


Below are screenshots from my UK bank app. As you can see if someone in the Uk needs to send a small anmount to Nigeria urgently they will use the unofficial sector rather than pay £15 charge. Note even the £15 charge is not a same day transfer. If it’s a large amount and I’m not in a hurry then I may use the official channel.

lol…people dey send money to their friends and family so hunger no go kpai them…these ones dey claim am as achievement

The real ŕeason for the increase is the formal channel all remittances now pass through and even that is partly helped by unification of rates.

Dbegining:
Proof of reform or proof of a dying economy?

Proof of reform or proof of a suffering people? These monies are not for investment but rather monies sent to loved ones from the diaspora. That means the cost of living has increased and begging has increased.


I really condemn in the strongest of terms how this government calls it's bad economic decisions reforms.

You hit the nail on the head. The real indication of growth is that this money should be reducing. How on earth do they think or analyse data?