Diasporan remittances lost $5bn to Covid-19 – Federal Government.
Written by crest887fm on July 23, 2021
The Federal Government has said that the COVID-19 pandemic has wiped off 20 per cent from the $25bn annual diasporan remittances to Nigeria.
The government noted that various targeted programmes were being implemented to shore up the deficit.
Disclosing this at a press briefing in Abuja on Thursday to announce the 2021 Diaspora Day celebration scheduled for July 25, the Chairman, Nigerians in Diaspora Commission, Abike Dabiri-Erewa, said the home remittances were over 83 per cent of the national budget and 6.1 per cent of the Gross Domestic Product.
According to her, 30 per cent of the remittances are channeled into investments including real estate, commercial businesses and others.
Responding to a question on the impact of the pandemic on the remittances, Dabiri-Erewa stated, “The COVID-19 pandemic has reduced the annual Diasporan remittances by 20 per cent but don’t forget that we are also coming up with different programmes