…As Nigeria earned $1.1tr from oil in 28 years***
The Federal government has introduced a fine of $200 and $4000 dollars on visitors to Nigeria who overstayed their time as permitted by their visas. This a bid to monitor movements of foreigners in Nigeria.
The sanction, which depends on the number of days such a foreigner overstayed in the country, ranges from $200 (N72,000) to $4000 (N.18m), depending on the number of days such a foreigner stayed in Nigeria.
A document signed by the Permanent Secretary, Ministry of Interior indicated “that a foreigner would be adjudged to have overstayed in the country once such exceeded 56 days”.
“However, the sanction does not apply to citizens of Economy Community of West African States (ECOWAS) who can enter Nigeria and reside in the country without entry visas”.
” But a non-ECOWAS visitor who intends to stay in Nigeria for a period exceeding 56 days, but not beyond 90 days aggregate would be sanctioned with a few of $200 or the naira equivalent”.
” For a non-EWCOWAS visitor who stayed in Nigeria beyond 90 days, but not exceeding 180 days aggregate would be sanctioned with the sum of $1000 or its naira equivalent”.
” Any non-ECOWAS visitor who intends to stay in Nigeria or who stayed for a period exceeding 180 days, but not beyond 365 days aggregate in the country would pay to the government the sum of $2000 or its equivalent.
“Also, any non-ECOWAS visitor who overstayed in the country without authorization or regularization would, in addition pay penalty equivalent of $4000”.
In the meantime, Nigeria made over $1.1 trillion from oil in 28 years, Vice President Yemi Osinbajo, said at the weekend.
According to him, corruption and the lack of will to diversify the economy over the years made it impossible for Nigerians to feel the impact of the oil reciepts on development.
Osinbajo, who spoke in Ibadan, the Oyo State capital, while delivering the ninth public lecture of Sigma Club at the International Conference Centre of the University of Ibadan (UI), said the Buhari administration received the lowest oil receipt during the period while the highest was received during the Jonathan administration. His lecture was entitled: “Developing the nation through youth empowerment”.
Giving the breakdown of the earnings, Osinbajo said: “The nation earned $119.8 billion from 1990 to 1998, $481 billion from 1999 to 2009 and $381 billion from 2010 to 2014.The present administration has only earned $112 billion since June 2015.
“The earnings from oil from 2010 to 2014 were the highest recorded in the history of the country. This is a period when the price of oil per barrel sold from $100 to $114.”
The VP said that the most important drain on the nation’s public purse was grand corruption, adding that the nation would earn more revenue if such was addressed.
“In a 2015 transaction met by this administration, a sum of $67 million was made without a purpose for it. So also is another $292 million,” he said.
Osinbajo put the nation’s debt at $73 billion. He said the Jonathan administration left $63billion while the Buhari administration had borrowed $10 billion.
The Citizen with additional report from The Nation