₦airaland Forum

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

Yes it's true ...because it is more profitable to send money back to Nigeria now as it will give you more naira since the Naira has been devalued. Yes I quite agree with this policy and it is very good. Now is the time to buy landed properties from abroad or get a good business invest due to the difference in the value of the currencies as ours is weaker. It's is why I have many Tchadians in my neighborhood. They come to Nigeria because their cfa or currency is far stronger than ours. So as they spend we benefit. But what is being done about the millions that are hungry? What I'd these millions one day revolt violently?

givedemwotowoto:
This government is mocking Nigerians!

Reality is, with inflation and cost of living very high, Nigerians abroad are sending more money back home to support their friends and loved ones.

Don’t mind them. The reality is that they deceive their gullible supporters.

Diaspora Nigerians simply are taking advantage of a very weak naira. Now they send more for owambe and frivolities, seeing the the naira is very weak compared to their currencies. Now Nigerians get worse finished products than they used to with weak prices.

PrincessDiana:
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

School na scam, see where it has landed you. Let me leave you alone since the bot is deleting my posts.

PrincessDiana:
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

Total remittances are about $21b annually and have been for over a decade but most of it is informal.

All Abiri is saying is that of that $21b this is the amount that is now coming in via official channels and the monthly increase in share. The amount is not the total.

Egg on your face! It is you who doesn’t understand what you read.

Let me explain it to you like a child.

My workers were all paid cash. Total salaries = $21b. I now implement an electronic payment scheme and while many workers have opened bank accounts many haven’t, many can’t and a few won’t because I can’t force them. My annual salaries are still $21b but more and more of my workers are opening accounts. The number of workers who are paid electronically is rising every month as workers open accounts $200m in the previous month to $600m this month. The overall monthly salary still remains at $1.7b ($21/12)

The report is not about the rise in total remittances. It still remains at $21b annually It is about the rise in remittances via official channels.

Capiche?

Cc: @zero8zero

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

My uncle has been sending more money home ooo as things are now very expensive in Nigeria and he doesn't want all of us to go hungry.

casualobserver:
Total remittances are about $21b annually and have been for over a decade but most of it is informal.

All Abiri is saying is that of that $21b this is the amount that is now coming in via official channels and the monthly increase in share. The amount is not the total.

Egg on your face! It is you who doesn’t understand what you read.

Let me explain it to you like a child.

My workers were all paid cash. Total salaries = $21b. I now implement an electronic payment scheme and while many workers have opened bank accounts many haven’t, many can’t and a few won’t because I can’t force them. My annual salaries are still $21b but more and more of my workers are opening accounts. The number of workers who are paid electronically is rising every month as workers open accounts $200m in the previous month to $600m this month. The overall monthly salary still remains at $1.7b ($21/12)

The report is not about the rise in total remittances. It still remains at $21b annually It is about the rise in remittances via official channels.

Capiche?

Cc: @zerozero
PrincessDiana

I have stopped mentioning that poster, the bot has banned me three times for replying her mentions..

...

zero8zero:
I have stopped mentioning that poster, the bot has banned me three times for replying her mentions..

It’s been $21b for over a decade. Last pic directly from world bank site

If not stupidly how will you say 600 million dollars remittance is proof of re-forms ...it's rather proof the economies of other countries are working

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.😐😐😐😐

Because these remittances were sent through unofficial channels which couldn't be accounted for by the CBN.
Now due to rates unification, no more incentives to go through black market routes so more and more people are coming through right channels.
That's why it is prospected to grow to 1B by 2026 as more and more people join the basket.

DoctorStanley:
The masses are hungry
The masses are hungry
The masses are hungry

Blame Buhari for bankrupting the economy. That should have been the time you should have been vocal

Ignorance they say is bliss.

Dbegining:
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.

“In 2024, Nigeria recorded a Balance of Payments (BoP) surplus, marking a significant shift from the previous years of deficits”.

Tats:
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?

You are funny. But when we were growing at 6% under Jonathan, remittances were also very high and not dwindling.

Dbegining:
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.

Okay let us educate you further now. Nigeria has had a positive balance of payment of 5 trillion in last two years. This has not happened for over ten years. It is happening now, what you thought would never happen. We told you that you need to read and learn about the changes happening gradually.

wetin be dis woman job self?

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

The president is not of the same mind as you.

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/

givedemwotowoto:
This government is mocking Nigerians!

Reality is, with inflation and cost of living very high, Nigerians abroad are sending more money back home to support their friends and loved ones.

It's because of hunger in the land

SeaTrade:
Because these remittances were sent through unofficial channels which couldn't be accounted for by the CBN.
Now due to rates unification, no more incentives to go through black market routes so more and more people are coming through right channels.
That's why it is prospected to grow to 1B by 2026 as more and more people join the basket.

According to your government, unification was achieved back in 2024 after which it then reported that over 17 billion dollars was remitted from the diaspora. . Why are you now trying to spin a different story entirely?

poiZon:
✓ 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.

This isn't about GEJ but about reports that were published in 2024 and early 2035 regarding the same subjects and this administration

Eniitankorede:
✓ 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.

Storyland! Information channels even after your government had praised itself for achieving unification back in 2024? Una go continue spinning tales tire. 🥱😩🥱😩

GeneralDae:
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.

Storyland! 🥱🥱🥱🥱🥱

Kobojunkie:
Storyland! Information channels even after your government had praised itself for achieving unification back in 2024? Una go continue spinning tales tire. 🥱😩🥱😩

But that is the same thing he said. 2024 was just last year

Obaaderemi2:
But that is the same thing he said. 2024 was just last year

Stop lying! 🥱🥱🥱

Kobojunkie:
Storyland! 🥱🥱🥱🥱🥱

You can do your research and prove me wrong. I would gladly learn.

Kobojunkie:
Storyland! Information channels even after your government had praised itself for achieving unification back in 2024? Una go continue spinning tales tire. 🥱😩🥱😩

So you mean immediately you acheive unification you also immediately win trust and start getting more remittances via official channels? No time lag? Is that how it works?

100% of the money I send to my family is consumed nothing is invested and it is not going to change anytime soon .. the suffering is to much ... that is not an achievement

GeneralDae:
So you mean immediately you acheive unification you also immediately win trust and start getting more remittances via official channels? No time lag? Is that how it works?

Abeg waka pass me with your brain damage! 😩😩😩

Eniitankorede:
Okay let us educate you further now. Nigeria has had a positive balance of payment of 5 trillion in last two years. This has not happened for over ten years. It is happening now, what you thought would never happen. We told you that you need to read and learn about the changes happening gradually.

Thank you very much for this! But I think you need to pay attention to details so you're not swayed by propaganda.

Nigeria had a TRADE SURPLUS not a BOP surplus.

Nigerian hasn't had a problem with it's trade trade surplus in about 10 years+. We've always had problem with our other accounts i.e Capita account as a whole and current account as a whole.


Pay attention to details.
Except your

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

The plague reformist and his gangs of rogues are not now returning their loot from abroad calling it remittance.