Around $18 billion, constituting 90% of the estimated $20 billion Nigeria’s diaspora remittances in 2023, did not reach the country, according to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.Thank you for reading this post, don't forget to subscribe!
Oyedele highlighted the significant impact of exchange rate difficulties, stating that addressing this issue requires collaboration between monetary and fiscal policies.
He emphasized the divergence in exchange rates as a major challenge.
Many remittances, according to Oyedele, are externalized as Nigerians use Apps, often at parallel market rates, resulting in funds not reaching Nigeria.
The Lagos Chamber of Commerce and Industry’s Economic Outlook event discussed these challenges, with LCCI President Gabriel Idahosa anticipating policy reforms to boost fiscal revenue and contribute to the country’s growth in 2024.
Director General of the Budget Office, Ben Akabueze, noted the challenge of low public revenue against a growing population, highlighting over three decades of deficit budgets in Nigeria.