Nigeria’s IMF loan obligations down to $800.23m, says Presidential aide
An aide to President Bola Tinubu has disclosed that Nigeria’s International Monetary Fund (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 senior aide to the President, Mr. O’tega Ogra in a tweet on Friday stated that Nigeria, under Tinubu, is paying back its IMF loans, among others.
Ograin stated that, “No default. No unnecessary borrowings. No seeking for tens of billion dollars in debt bailout and sacking of 70per cent of the workforce (as another ‘critic-perennial candidate’ prescribed as a solution citing another country in South America as his example)
“Nigeria, under Tinubu, is clearing legacy debts from multiple administrations. Yet, our foreign reserves are rising. The federating states are receiving more FAAC allocations under Tinubu’s administration. Their highest ever.”
He noted that Nigeria under Tinubu is exporting more than it imports.
He revealed that foreign investors are coming back under Tinubu – from those in the oil& gas sector who left to new investors in Agribusiness, Solid Minerals, Aviation, Industry, among other sectors.
He said that local investors are not left out, listing the likes of Dangote to BUA, Breweries to Banks, and many others.
He noted that these companies are pulling in their biggest profits in years.
“If you doubt me, check official company results on the NGX website. e.g. Nigerian Breweries did a massive turnaround to profits in their just released results. Go and Verify!,” he explained.
He listed key achievements in major roads construction across the country.
“Lest I forget, 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 in on track. Akwanga-Jos-Bauchi-Gombe Road is being reconstructed. 2nd Niger Bridge Phase 2B (access roads) have commenced. The list is almost endless.
“After former President Muhammadu 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, Tinubu said upon assuming office that he will build on the good works of his All Progressive Congress (APC) predecessor, fix cumulative structural imbalances from previous admins, and build a solid foundation for Nigeria and generations yet unborn,” his tweets added.
