The increase in migration by Nigerians and surge in amount remitted by citizens of the country living abroad make it imperative to study how funds remitted by migrants have affected poverty in Nigeria. Using time series data on poverty incidence, inward and outward remittances, ODA and technical cooperation grants in Nigeria and applying the ARDL method in analyzing the data, the result indicates that: inward and outward remittances have diverse effects on poverty reduction in Nigeria in the short run. Also in the short run, inward remittances impact was significant while outward remittance was not. ODA and technical cooperation grants also have conflicting effect on poverty in the short run. In the long run, inward remittances stimulated poverty while outward remittances, ODA and technical cooperation grants all reduced poverty incidence in Nigeria given their negative coefficients. All the explanatory variables were insignificant in the long run. This implies that their impacts were not significant. Based on this result, the study recommends: investment in foreign countries in order to diversify the income source of the economy, creation of conditions that will enhance inflow of grants and reductions of bottlenecks for inflows of foreign funds as possible ways of reducing poverty in Nigeria.