Tinubu Clears $7bn Loan Backlog, Boosts Foreign Reserve To $54.13bn Dollars,Set To Win Second Term
By Abdullahi Yusuf
President Bola Ahmad Bola is already coasting towards securing a second term in office because of his giant strides in transforming the country for the good of the citizens,Dr. Musa Iliyasu Kwankwaso has said.
Kwankwaso made the remarks in a statement he personally signed and made available to journalists in Kano on Sunday.
“In just less than four years in office, President Bola Ahmad Tinubu has settled over $7 billion backlog of foreign loans, alongside major domestic debt obligations,
and today Nigeria’s foreign reserve stands at $54.13 billion,” he said.
Musa Iliyasu Kwankwaso, who is also the the Executive Director Finance Hadejia Jama’are River Basin Development Authority(HJRBDA), recalled that the foreign reserves grew from about $32.29 billion or $38 billion when President Tinubu took office in May 2023, making it the highest level the reserves had reached since September 2008.
On the COVID-19 Loan, the APC bigwig said, the Tinubu administration had paid an additional $3.5 billion.
Turning to Ways and Means Debt, Kwankwaso said the government had cleared and securitized over N30 trillion in Central Bank Ways and Means advances inherited from the previous administration.
On Petroleum Import Debt, he further noted, President Tinubu inherited over $6 billion in unpaid petroleum import bills, and which he said,the administration had worked to resolve.
Talking about Debt Servicing Impact, he said, the ratio dropped with a total debt service-to-revenue from 97% to between 64% and 68%, easing pressure on public finances.
According to Kwankwaso, President Tinubu has also ensured that prices of fooddtuff and other essential commodities have been drastically reduced, making life easier for the common man.
“Therefore, no amount of criticism from the opposition can stop President Tinubu from securing a landslide victory in 2027, because Nigerians are not blind to the realities of the efforts of improving their lives by his administration.
“We believe that the President has done marvelously well, that is why we are 100 percent loyal to his government and we are sure that the President will secure the largest number of votes in the North and all other parts of the country, come 2027” the APC stalwart added.