Nigerians abroad face hard times •As they beg people at home for money •Remittances from abroad reduce to $5bn annually
FOLLOWING the harsh economic situation being experienced by European countries and the United States of America, Nigerians in the diaspora are now going through difficult times and have resorted to begging money from those at home.
As a result of this, remittances from Nigerians in the diaspora have reduced from $12 billion to about $5 bilion annually.
The Director-General (DG), Budget Office of the Federation, Dr Bright Okogu, made this revelation on Thursday in Abuja, while speaking on “achieving inclusive growth through pro-poor spending” at the third economic policy and fiscal strategy seminar, organised by the Centre for the Study of Economies of Africa (CSEA).
According to Okogu, the sovereign debt crisis and the declining Gross Domestic Product in Europe, low manufacturing output in France, Germany, Italy and Spain and growing US debt to the Gross Domestic Product ratio have led to situations where Nigerians abroad are now finding it difficult to make ends meet.
To survive the harsh economic climate abroad, Okogu said these Nigerians now beg their relations at home to send money to them. more