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The Central Bank of Nigeria (CBN) has released a data on the transactional expenditure of Nigerians. This data called the Balance of Payment reports that Nigerians unleashed a staggering $1.58 billion on foreign education, health tourism, and various personal matters.
The report contained in this document covers for the initial six months of the year 2023, unraveling a spending breakdown of $896.09 million on foreign education, $245.68 million on overseas health-related concerns, and $434.63 million on other personal foreign needs.
In its explanatory note titled "Note D," the CBN defined Balance of Payments as "a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents."
Experts affirm that the persistent trends of medical tourism and foreign education are exacerbating the demand for foreign exchange in the country. A lack of robust health infrastructure in Nigeria has been identified as a key driver for citizens seeking medical services abroad.
Dr. Obinna Ogbonna, the National Vice Chairman of the Joint Health Sector Unions, highlighted the issue, stating, "Nigerians who are well-to-do lack confidence in our medical facilities." He emphasized the need for President Bola Tinubu to enhance local health centers with standard infrastructure and up-to-date equipment.
In a bid to stem the tide of medical tourism, a bill proposing a seven-year jail term or a fine of N500 million recently passed its second reading in the House of Representatives. Despite such legislative efforts, prominent figures, like the late Ondo state Governor Rotimi Akeredolu, continue to seek medical treatment abroad.
President of the Medical and Dental Consultants Association of Nigeria, Prof. Aminu Muhammad, urged immediate action to reverse the trend, citing the restricted affordability due to the rising exchange rate.
