N100 BILLION DEBT: DIASPORA INTERVENTION, ANAMBRA’S ESCAPE ROUTE – GROUP
Following a recent statement issued by the Governor of Anambra State, Charles Soludo, revealing that the last administration kept N300m in coffers, but left over N100b debt, a group of Ndi Anambra in diaspora have opened up on their plan to help settle the debts.
In a post made by a group of Anambra indigenes in diaspora, disclosed this plan as they urged Governor Charles Soludo to open an account to enable them contribute for the development of the state.
According to the group’s post, it says “Diaspora Development Fund Account. Gov Soludo should as a matter of urgency should open a diaspora development account in any of the Nigerian banks in Naira, USD, GBP & Euro to enable many of us residing outside Anambra to contribute funds to develop our dear state”.
Diaspora remittances may turn out to be Soludo’s escape route from the huge debt incurred by Obiano’s administration. For instance, in 2018 alone, remittances that came into Nigeria through the formal financial routes totaled $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.
It may be the main reason why Ndi Igbo, who are shut out from the government at the centre, are far more prosperous than those who cling to power?