How US Tax Bill could hit Nigeria’s Economy Hard

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The United States Government has introduced a bill that could have significant economic implications for countries like Nigeria. The proposed bill seeks to impose a 3.5% tax on remittances sent by migrants to their home countries.

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If implemented, the bill would affect approximately 40 million non-US citizens, including green card holders, temporary workers, and undocumented immigrants. According to the bill, which has passed the US House of Representatives, Nigerians would lose around $215 million

Remittances play a crucial role in many countries’ economies. In Nigeria, for instance, remittances exceeded $20 billion in 2023 and reached $20.9 billion in 2024, marking a 9% increase. As of early 2025, remittance inflows continued to grow, with $328.76 million recorded in the first four months of the year.

The Central Bank of Nigeria aims to further increase monthly remittance inflows to $1 billion. The potential tax could significantly impact Nigeria’s economy, given the substantial amount of remittances the country receives annually.

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