It has been noticed in recent times that Nigeria is one of the highest recipients of remittances as well as one of the worst hit by capital flight. It is also obvious from literature that remittance should impact positively on development outcomes while capital flight is expected to impact negatively. In view of Nigeria being at the extreme of these two counter variables, this paper examines the relative impact of remittances and capital flight on poverty in Nigeria. Time series data on variables of interest were obtained from various sources spanning from 1970 to 2010. The data were subjected to series of econometric analysis. The results revealed that a 1 percent rise in remittances can only increase per capita consumption by 0.27 per cent. While a 1 per cent rise in capital flight would reduce per capita consumption by 10.8 per cent. This implies that the impact of capital flight on per capita consumption is greater than that of remittances. Hence, the study recommended that policy should be geared towards reducing capital flight.