Nigerians Expended $1.58 Billion on Foreign Medical and Education Bills in Six Months – CBN Report

EKO HOT BLOG reports Recent data from the Central Bank of Nigeria (CBN) has unveiled that Nigerians disbursed a total of $1.58 billion on health tourism, foreign education, and other personal matters within the initial six months of 2023.

The detailed breakdown from the apex bank’s Balance of Payment analysis for the specified period delineated that $245.68 million was allocated to overseas health-related concerns, $896.09 million towards foreign education, and $434.63 million for various personal foreign needs.

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In its explanatory note labeled “Note D,” the CBN defines the Balance of Payments as “a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents.”

Medical tourism and foreign education have been identified as significant contributors to the heightened demand for foreign exchange in the country, as affirmed by experts.

The inadequacy of health infrastructure in Nigeria has been cited as a primary reason prompting individuals, particularly those financially capable, to seek medical services abroad. Dr. Obinna Ogbonna, the National Vice Chairman of the Joint Health Sector Unions, emphasized the lack of confidence in local medical facilities due to insufficient infrastructure and equipment.

He remarked, “These individuals prefer to spend their money abroad, but when they get there, it is still Nigerian doctors that will attend to them. We hope President Bola Tinubu will make our health centres attractive by putting up standard infrastructures and equipment that are up-to-date with the current emerging diseases ravaging the country.”

In a bid to address the persistent challenge of medical tourism, a bill proposing a seven-year jail term or a fine of N500 million recently passed a second reading in the House of Representatives.

Despite declining revenues, the country is making efforts to curb the trend. The late Ondo state Governor, Rotimi Akeredolu, notably spent an extended period in Germany for medical reasons, emphasizing the urgency to reverse the dependence on foreign medical services.

Prof. Aminu Muhammad, the President of the Medical and Dental Consultants Association of Nigeria, stressed the need to act promptly. He stated, “The government and the medical practitioners can reverse the trend. The best time to reverse the trend is now, everybody wants the forex to be okay, and now is the best opportunity to do so.”

To address the growing migration of Nigerians for education, the Federal Government allocated N1.33 trillion to the health sector in its 2024 budget, indicating a 23.15 percent increase from the previous year.

The Open Doors Report revealed a surge in the number of Nigerian students studying in the United States, reaching 17,640 in the 2022/2023 academic session compared to 14,438 in the preceding year. In 2022, Nigerians spent about $1.01 billion on foreign education, reflecting a 40.36 percent increase from the expenditure in 2021.

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This data underscores the challenges faced by Nigerians seeking quality healthcare and education within the country and the urgent need for comprehensive reforms in both sectors.

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