By Bello Wakili
Nigeria’s economy has witnessed significant progress under President Bola Ahmed Tinubu, with key economic indicators showing marked improvements in debt management, foreign reserves, trade balance, and investor confidence. This was highlighted in an Easter Weekend Special shared by Senior Presidential Aide, Otega Ogra.
In a statement titled “Where is Nigeria Today Under President Bola Tinubu,” Ogra outlined seven major achievements recorded by the Tinubu administration in its first year, noting that the President’s financial acumen and strategic leadership have set the country on a path to sustainable economic recovery and growth.
According to Ogra, Nigeria’s total debt stock, including both domestic and external borrowings by the Federal Government, states, and the FCT, reduced from $108.2 billion to $94.2 billion as of December 31, 2024.
“President Tinubu has also cleared all verified foreign exchange (FX) backlogs, amounting to about $7 billion,” he added.
In addition, Nigeria’s external reserves rose to approximately $40.9 billion at the end of 2024, up from $33.0 billion in 2023. Net external reserves also saw a dramatic increase, jumping from $4.0 billion in 2023 to $23.3 billion – a 482.5% growth.
The country achieved a Balance of Payments (BOP) surplus of $6.83 billion in 2024, reversing the deficits recorded in 2022 and 2023. Non-oil exports grew by 24.6% to $7.46 billion, while gas exports surged by 48.3% to $8.66 billion, thanks to contributions from the Nigeria Gas Marketing Limited (NGML) and the Nigeria LNG Limited (NLNG).
“Portfolio investment inflows doubled to $13.35 billion in 2024, showing renewed investor confidence driven by Tinubu’s bold macroeconomic reforms,” Ogra stated.
He also noted a significant rise in diaspora contributions. Personal remittances increased by 8.9% to $20.93 billion, with inflows via International Money Transfer Operators (IMTOs) rising by 43.5% to $4.73 billion.
The statement further disclosed that Nigeria has substantially reduced its loan obligations to the International Monetary Fund (IMF), cutting it down by over 67% from $2.47 billion in 2023 to $800.23 million in 2024.
Under Tinubu’s leadership, Nigeria has also avoided new major external borrowings and is consistently repaying its loans without defaults. Ogra emphasized that federating states are now receiving their highest-ever FAAC allocations.
In terms of infrastructure, he revealed that construction is currently ongoing on 74 roads across 24 states. Major projects such as the Lagos-Calabar and Sokoto-Badagry super highways are underway, alongside the completion of critical routes like the Abuja-Kaduna-Zaria-Kano and East-West roads.
President Tinubu, who succeeded former President Muhammadu Buhari in 2023, pledged to build on the achievements of his predecessor while addressing structural economic challenges inherited from previous administrations.
“Nigeria is on a strong path to economic revival. From trade surpluses to rising investor confidence, the signs are clear. President Tinubu is delivering on his promise to lay a solid foundation for Nigeria and generations yet unborn,” Ogra concluded.
He urged Nigerians to “#BetOnNigeria,” expressing optimism about the country’s long-term prospects.
Bello Wakili
