Why Tinubu Will Wins: Cleared $7Bn Loan Backlog, Put Nigeria’s Foreign Reserves @ 54.13Bn Dollars

President Ahmad Bola Tinubu, is said to inch towards his second term in office for his gigantic efforts in turning around Nigeria’s predicament to hopeful future and how he in just less than 4 years in office settled over $7 Billion Dollars Foreign Loans Backlog.

Speaking in a released, Dr Musa Illiyasu Kwankwaso, reminded that today Nigeria’s foreign reserves currently stand at  54.13 Billion Dollars while the administration of President Tinubu has cleared over $7 billion in foreign exchange and loan backlogs alongside major domestic debt obligations.

He said the Growth: 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 have reached since September 2008.

Kwankwaso notes that on Foreign Exchange  and Loan Backlogs, the federal government cleared more than $7 billion in inherited foreign exchange and loan backlog
He added that on the COVID-19 Loan, the administration paid an additional $3.5 billion COVID-19 loan.

On Ways and Means Debt, the government, according to Kwankwaso, cleared and securitized over N30 trillion in central bank Ways and Means advances inherited from the previous administration.

Musa Illiyasu Kwankwaso notes that on Petroleum Import Debt, President Tinubu inherited over $6 billion in unpaid petroleum import bills, which the administration has worked to resolve.

Talking about Debt Service Impact, the Ratio Drop with a Total debt service-to-revenue ratio decreased from a high of 97% down to between 64% and 68%, easing pressure on public finances.

Musa Kwankwaso, said that President Tinubu has not only concentrate on financial impact of the Nation, he ensured that on agriculture, today Food stuffs and other essentials commodities have had their prices drastically reduced given hopes to common Man.
He said, “the criticism of the opposition could not stopped Tinubu from securing a landslide victory, because Nigerians are not blind to the realities of the efforts of improving their livelihoods by the Tinubu’s administration.

“We believes that the President has done marvelously well that is why we are hundreds percent loyal to his government and we are assured that in the North for example he will secure the largest votes”