NewStats: 3,259,690 , 8,170,693 topics. Date: Sunday, 25 May 2025 at 07:05 PM 3y3dg

The Presidency has said Nigeria is on a firmer path to economic recovery and prosperity under President Bola Tinubu, citing significant gains in debt reduction, foreign reserves, investor confidence and trade surplus in 2024.

In a detailed update posted online on his X handle yesterday, senior special assistant to the president, Otega Ogra, said the istration listed major achievements recorded within the first full year in office, describing them as a reflection of “strategic leadership, prudent fiscal management and macroeconomic reforms.”

According to Ogra, Nigeria’s total debt stock—covering external and domestic borrowings by the federal government, the 36 states and the FCT declined from $108.2 billion to $94.2 billion as at December 31, 2024.

He further revealed that the istration has successfully cleared all verified foreign exchange backlogs of about $7 billion, while gross external reserves grew from $33.0 billion in 2023 to approximately $40.9 billion by the end of 2024.

Net reserves reportedly rose even more dramatically, from $4.0 billion to $23.3 billion—an increase of over 480 percent.

Nigeria’s Balance of Payments (BOP) also swung from a deficit of $3.34 billion in 2023 to a surplus of $6.83 billion in 2024, attributed to stronger trade performance and increased investor confidence.

Non-oil exports climbed by 24.6% to $7.46 billion, while gas exports surged 48.3% to $8.66 billion.
Ogra said portfolio investment inflows more than doubled to $13.35 billion in 2024, reflecting renewed interest in the Nigerian economy by foreign investors.

“This confidence is driven by President Tinubu’s bold macroeconomic reforms,” he stated.
Nigerians in the diaspora were also commended for their trust in the country, with personal remittances rising by 8.9% to $20.93 billion. Inflows via international money transfer operators reportedly grew by 43.5% to $4.73 billion.

On Nigeria’s debt obligations, Ogra highlighted that the country’s International Monetary Fund (IMF) liabilities were reduced by over 67%, dropping from $2.47 billion in 2023 to $800.23 million by the end of 2024.

“There have been no defaults. Nigeria under President Tinubu is repaying loans, not piling them up,” he noted.

The statement also drew attention to improved FAAC allocations to states, an increase in local and foreign investments across sectors, and ongoing infrastructure development—including 74 road projects across 24 states, the Lagos-Calabar and Sokoto-Badagry highways and the second phase of the Second Niger Bridge.

“President Tinubu is not just repairing the system, he is restructuring it for generations yet unborn,” Ogra added, urging Nigerians and investors to “bet on Nigeria.”

“Prudent management, optimisation and deployment of resources are what you get when you elect a president who understands finance and has done real work globally,” Ogra said with a call to confidence.

https://leadership.ng/nigerias-debt-has-dropped-by-14bn-under-tinubu-presidency/

Let's summarize the financial reengineering under the current istration into key bullet points:

1. Each statistics is backed by hard economic data

2. The fiscal prudency didn't come at the expense of liquidity.

3. There's a major reduction in Nigeria's debt obligations.

4. Nigeria's return to a balance of payment surplus within a year.

5. Investors landscape is shifting positively as a result of reforms boosting portfolio investments - which is a key measure of foreign confidence.

6. There's been a surge in Disapora remittances, thereby signifying a renewed trust in Nigeria's economy.

7. In public sector, states are receiving more resources than ever. FAAC is increasingly reaching an historic highs.

8. There has been no austerity in public sector operations by the current istration so far.

9. In private sector, companies previously plagued by low returns and profitability are strongly rebounding.

10. Ongoing major infrastructural projects is a key to boosting industrial and agriculture sector.

This systematic financial reengineering has equally earned Fitch's rating and IMF validity.

Fitch Upgrades Nigeria To 'B' Rating, Stable Outlook On Policy Reforms;

https://nairaland.unblockandhide.com/8396287/fitch-upgrades-nigeria-b-rating#134951492

IMF: Nigeria Will Navigate Global Shocks Due To Tinubu's Reforms;

https://nairaland.unblockandhide.com/8403433/imf-nigeria-navigate-global-shocks#135054908

The good work is being documented for reference.

I will repeat again, president Tinubu is yet to borrow any money

Unprecedented from Nigeria president.

https://nairaland.unblockandhide.com/8387619/president-tinubu-yet-borrow-money

Pls tell me one thing that tinubu is doing wrong, but I don't trust the people around him, they can do so many wrong

Same way violent deaths reduced by 90% according to Ribadu.

All it takes is for one slowpoke to convert the 90b dollar to Naira, and all enemies of Nigeria will start celebrating.

Hmmm

You can all continue to lie to yourselves, it's your right to do so. The economy continues to tank as there is no visible effect of all this lamba on the common man. As for the OP and the author of this , I hope you got your much needed 2k.

Noted.

Na statistics we go chop…..BAT

But I have noticed small businesses around are folding up. Probably because the economy is improving 😂

Louder!

Despite these image laundering official statements highlighting economic recovery and prosperity under President Bola Tinubu, a closer examination reveals concerns regarding increased borrowing and depletion of foreign reserves.
1. Increased Borrowing:
• In 2024, Nigeria raised $3.8 billion in debt through various instruments, including a $900 million domestic bond, a $2.2 billion Eurobond, and $750 million from a World Bank loan package. 
2. Depletion of Foreign Reserves:
• Nigeria’s foreign reserves experienced a significant drop of $1.19 billion in just three weeks in early 2025, decreasing from $40.877 billion at the end of December 2024 to $39.723 billion by January 31, 2025. 
3. IMF Projections:
• The International Monetary Fund (IMF) projected that Nigeria’s foreign reserves would decline to $24 billion in 2024, citing factors such as decreased hydrocarbon exports, profit repatriation, and lack of new Eurobond issuances. 

These points suggest that the narrative of economic recovery may overlook underlying challenges related to increased debt and reserve depletion.
The government needs to come out and be honest to its citizens, lying every time is not the way forward. We are not illiterates.

How can the debt drop when there're more borrowing?

Lie lie government... no iota of truth.

Like I said, we don't bother with your lies anymore. Took approximately 12 seconds to burst your bullshit claim after pasting your information on Grok. It is clear there has been no updated payments for Q1 2025, and we're in April already. There's an increase in both domestic and foreign debts from 2023 when the istration came onboard.

If you want to share propaganda, at least, update DMO/NBS first. They are the only consistent data source for Nigeria debt as far as Nigeria is concerned.

This man is working.
I think he deserves kudus.

tesseract:
You can all continue to lie to yourselves, it's your right to do so. The economy continues to tank as there is no visible effect of all this lamba on the common man. As for the OP and the author of this , I hope you got your much needed 2k.

They should borrow, abi they shouldn't borrow?

jmoore:
Same way violent deaths reduced by 90% according to Ribadu.

see u, see ban o

In one minute, this istration will use the right hand to pay debts, and in the next minute, use the left hand to collect more loans.

A growth without movement economy, if you ask me.


PS: I didn't mention Tea-nu-boo oh! Make no bot ban me oh!

AND POVERTY INCREASE BY HOW MANY PERCENT?

He must be borrowing to pay our debt! Haha..

Liar liar

AUDIO!!!!

femisplash:


https://leadership.ng/nigerias-debt-has-dropped-by-14bn-under-tinubu-presidency/

Paying off our debts in one minute and go about borrowing huge amounts in another second? I don't understand this economics.

Hh

There are one thousand and one lies out there flying around, if you don't counter it with facts and blow your own trumpet, opposition will find pleasure in demarketing the government of the day. So, don't loose guard. It's good some of the President's aides are waking up, because at some point, it looked like Reno has collected their jersey and pit them on reserve bench.


After God, na Tinubu 💪 God bless Nigeria

tnerro1:
Na statistics we go chop…..BAT

But I have noticed small businesses around are folding up. Probably because the economy is improving 😂

Folding up despite several world bank, AfDB and Afreximbank loans?

What happened to all the money?


Where did all the money disappear to?