Nigeria; Oil Revenues Versus Diaspora Remittances -By Nnaemeka Obiaraeri

In 2018, Diaspora remittances that came into Nigeria through the formal financial routes totalled $24bn/N8.64tn (The Economist). In the same 2018, what came into the Federation Account from all the crude oil sales  to be  shared by the three tiers of government was just N2.3tn/$6.3bn.

In that same 2018,  total revenue that came into the Federation Account by ways of crude oil sales , tax revenues,  customs collections  and other MDAs was N3.9tn /$10.8bn. (Sources: FGN budget reports)

From the above analysis, you will  see clearly that formal Diaspora remittances were almost four times all the revenue from crude oil sales and more than two times all the revenue earned/shared by the three tiers of government in 2018.

By the time you add the remittances that are not captured through the formal routes, the number may top $30bn/ N10.8tn.

These Diaspora remittances, it must be noted, are contributions of our hard-working compatriots, who escaped the terrible governance in Nigeria for greener pastures offshore. They are those hard-working Nigerians, who weathered the odds to train themselves, gain sound education and are working their socks off to add value to their society there and help tackle the terrible situation at home here.

Do you now see the main reason why certain nations and people from a certain region, who are shut out from the government at the centre, are far more prosperous than those who cling to power?

Do you now see why we must allow the Diasporans to vote and determine what happens in this jungle that they have continually bailed out with their sweat? Without Diaspora remittances, the value of the naira would have fallen like the Venezuelan currency.

Do you now see why we need to make education and sound learning the number one industry in my beloved Imo State, the entire South-East and Nigeria as a whole?

The fossil fuel is dying.  Its proceeds currently benefit only the few within the corridors of power, who use their offices to steal, loot and kill. But revenues from built-up human capital, learning and knowledge can never reduce or wane.

God, please, open the eyes of those within the corridors of power to do what is right always. Open the eyes of the people, and heal them of their massive ignorance so that they can demand and fight for good governance in the land.

If we honestly desire to  make progress in Nigeria,  then, the 1999 “satanic verses” called constitution must be thrown away and replaced with a modified 1960 Independence constitution.

Nnaemeka Obiaraeri, Ikoyi, Lagos.