Nigeria’s Debt Has Dropped By $14bn Under Tinubu–Presidency

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 administration 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 administration 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.”

The update concluded with a nod to former president Muhammadu Buhari for his contributions, noting that Tinubu was building on his predecessor’s efforts while fixing inherited structural imbalances.

“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: “#BetOnNigeria.”