Tinubu Is Paying Off The Legacy Debts From His Previous Administration
The Presidency has said Nigeria’s financial status under President Bola Tinubu has been tremendous when compared to previous administrations.
Naija News reports that the President’s Special Adviser on Information and Strategy, Bayo Onanuga, stated this on Friday.
Onanuga said Tinubu has been clearing debts incurred by previous administrations, while also raising the country’s foreign reserve. He noted that under Tinubu, monthly federal allocation to states has increased.
He stressed that the President’s government meets its international loan obligations.
“Nigeria, under PBAT, is clearing legacy debts from multiple administrations. Yet, our foreign reserves are rising. The federating states are also receiving more FAAC allocations under PBAT’s administration.
“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,” he wrote on his 𝕏 handle.
Onanuga’s post was an addition to a post from the President’s Senior Special Assistant on New Media, Otega Ogra, on 𝕏.
Ogra, in his post, listed points to buttress that the President handles Nigeria’s economy better than previous administrations, amid hunger and high cost of food items faced by citizens.
He wrote: “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 and 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 official company results on the NGX website. e.g. Nigerian Breweries did a massive turnaround to profits in their just-released results.”