WHERE IS NIGERIA TODAY UNDER PRESIDENT BOLA TINUBU

WHERE IS NIGERIA TODAY UNDER PRESIDENT BOLA TINUBU

 

Easter Weekend Special by Otega ‘The Tiger’ Ogra

 

Just so you are better informed about our country, Nigeria, here are seven facts about our debt stock and our dear country’s path to progress under President Bola Tinubu (x – @officialABAT / Instagram & Facebook @officialasiwajubat).

 

 

 

Nigeria’s economic progress is evident in several key areas. Firstly, Nigeria’s Debt Stock (External + Domestic of FGN, the 36 states, and the FCT) is down from $108.2bn to $94.2bn as of Dec 31, 2024. Additionally, PBAT has cleared all verified FX backlogs of about $7bn. Despite dutifully paying off the backlog and reducing our total debt stock through consistent payments to creditors, Nigeria’s gross external reserves still grew to approximately $40.9 billion at the end of 2024, significantly higher than the $33.0 billion recorded in 2023. Net external reserves amounted to $23.3 billion, a 482.5% improvement from about $4.0 billion in 2023.

 

The Balance of Payments (BOP) surplus is another indicator of Nigeria’s economic growth. Nigeria achieved a BOP surplus of $6.83 billion in 2024, a significant turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022, reflecting stronger trade performance and increased investor confidence. Furthermore, our Non-oil exports also increased by 24.6% to $7.46 billion, while gas exports surged by 48.3% to $8.66 billion, boosting our overall trade surplus. Thanks to NGML and NLNG.

 

Investor confidence is also on the rise. Portfolio investment inflows, a sign of rising investor confidence in a country, more than doubled, increasing by 106.5% to $13.35 billion in 2024. Renewed investor confidence in Nigeria is driven by President Bola Tinubu’s bold macroeconomic reforms. Moreover, personal remittances from Nigerians abroad grew by 8.9% to reach $20.93 billion, complemented by a 43.5% rise in inflows via International Money Transfer Operators (IMTOs) to $4.73 billion, demonstrating increased trust from the diaspora in our economy. Thank you, dear Nigerians in the diaspora, for believing in your country.

 

These achievements demonstrate President Tinubu’s effective leadership. Prudent management, optimization, and deployment of resources are what you get when you elect a President who understands finance and accounting and has done actual work along these lines with major corporations in the world. This is who our President Bola Tinubu is—educated, focused, knowledgeable, and a Strategic Thinker & Planner. ‘Our Asiwaju,’ ‘The Jagaban,’ President Bola Ahmed Tinubu is not ‘someone who gets governance and financial management advice from a mentally impaired person living under a bridge’ like a particular critic who ran for office does (_not my words but the critic’s_). What I mean is that #FollowWhoKnowRoad knows the work that needs to be done and ‘knows the book’.

 

P.s. You can always visit (https://dmo.gov.ng) or ask the Debt Management Office @DMONigeria for more info on our debt profile.

 

PART II

 

NIGERIA’S DEBT PROFILE FUN FACT

Do you know that our IMF loan obligations have been significantly paid down from $2.47 billion as of 2023 to $800.23 million at the end of 2024? A substantial decrease of over 67% in that period.

 

Some key points to note about Nigeria’s debt profile include:

– Nigeria, under PBAT, is paying its loans back. No default. No unnecessary borrowings. No seeking for tens of billions of dollars in debt bailout and sacking of 70% of the workforce (as another ‘critic-perennial candidate’ prescribed as a solution citing another country in South America as his example).

– Nigeria, under PBAT, is clearing legacy debts from multiple administrations. Yet, our foreign reserves are rising.

– The federating states are receiving more FAAC allocations under PBAT’s administration. Their highest ever.

– Nigeria under PBAT is now exporting more than it imports. We have a trade and payments surplus. Did I hear someone say PBAT is the real ‘consumption to production’ advocate?

– Foreign investors are coming back under PBAT – from those in the oil & gas sector who left to new investors in Agribusiness, Solid Minerals, Aviation, Industry, etc. That’s confidence.

– Local investors are not left out. From Dangote to BUA, Breweries to Banks, and many others, they are pulling in their biggest profits in years. If you doubt me, check the official company results on the NGX website. e.g., Nigerian Breweries did a massive turnaround in profits in their just-released results. Go and verify!

 

Road construction is simultaneously ongoing in 74 roads across 24 states of the Federation, as well as the marquee Lagos-Calabar & Sokoto-Badagry super highways which will open up industry, agriculture, and productivity along those routes. Approvals have been given for the completion of Abuja-Kaduna-Zaria-Kano Road. The East-West Road is on track. Akwanga-Jos-Bauchi-Gombe Road is being reconstructed. 2nd Niger Bridge Phase 2B (access roads) has commenced. The list is almost endless.

 

Again, follow whoever knows the road!!!

 

After former President M Buhari (2015-2023) did his best to navigate the country through an economic crisis brought about by profligate spending by the admin before him + Covid-19 + global recessions + disruptions to the global supply chains, President Tinubu said upon assuming office that he will build on the good works of his APC predecessor, fix cumulative structural imbalances from previous admins, and build a solid foundation for Nigeria and generations yet unborn.

 

Nigeria will thrive and succeed. Amen. If you are not betting on Nigeria already, you are on a long thing! #BetOnNigeria

 

Otega ‘The Tiger’ Ogra

Senior Aide to President Bola Tinubu

18 April 2025

 

Part I

https://x.com/otegaogra/status/1913172288788214001?s=46&t=-WT1A6V3jj52Bil8fk9JS

 

Part II:

https://x.com/otegaogra/status/1913172426805981653?s=46&t=-WT1A6V3jj52Bil8fk9JSg