Home Business Home remittance by Nigerians in diaspora hits$35 bn

Home remittance by Nigerians in diaspora hits$35 bn

by Business News Report

Nigerians in diaspora remitted over $35 billion  home In 2016. Senior Special Assistant (SSA) to the President on Foreign Affairs and Diaspora Matters, Mrs Abike Dabiri-Erewa, disclosed this when she visited the Federal Inland Revenue Services (FIRS), in Abuja.

She said  “In 2016 they remitted $35 billion which is higher than what was remitted in 2015. This is the highest in Africa and the third largest in the world remittance by Nigerians living abroad.”

She urged the service to pay particular attention to concerns of Nigerians in the Diaspora who have complained about multiple taxes on their remittances.

“There is a lot of talk about your Organisation  from diasporans concerning taxes whether there will be taxes incentives for Nigerians coming back home to engage in agriculture and other businesses, what are the plans and programme for them. Recently they expressed concern over reports that we need to pay tax on our passports.”

The SSA called for a closer collaboration between her office and the FIRs towards allaying the fears of Nigerians abroad, whom she said, play a great role in boosting the nation’s economy, through the remittances.

In his response, the Executive Chairman of the FIRS Mr Babatunde Fowler clarified “What we are saying is if you want any immigration services either you want to renew your passport or get a new one so long as you’re an adult and you’re making an income you just have to show evidence of tax payment, there is no direct tax on passports it’s just to show evidence of paying tax and of course you’re entitled to all the services of government.”

He added that Diaspora Nigerians “have 99.9% tax compliance just because there are consequences for not paying taxes in those countries. If they decide to come as investors we do have incentives for pioneer status or waivers and once they make their application to the federal ministry of finance it would be looked into and if it is in an area of pioneer status am sure it would be granted and we also do not believe in double taxation.”

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