Foreign medical, school bills swill down $1.58bn in six months – CBN

Foreign spending of $1.58 billion by Nigerians within six months, particularly on health tourism, foreign education, and personal matters, underscores the substantial financial outflows in these areas.

The Central Bank’s Balance of Payment data for the first half of 2023 reveals a breakdown of the foreign spending by Nigerians, including $245.68 million on health-related issues, $896.09 million on foreign education, and $434.63 million on other personal foreign needs.

The Central Bank’s definition of Balance of Payments as “a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents” highlights its role in tracking the flow of funds and economic interactions on an international scale

The sentiment expressed reflects a common concern about Nigerians seeking medical treatment abroad despite relying on Nigerian doctors. The call for improving local health infrastructure, led by figures like President Bola Tinubu, aims to make domestic healthcare more appealing and equipped to handle emerging health challenges.

Source, punch Newspaper