Debt To Development: How President Tinubu Is Rebuilding Nigeria’s Financial Future 

In an Easter Weekend special, Otega ‘The Tiger’ Ogra, Senior Aide to President Bola Ahmed Tinubu, offered Nigerians a sweeping look at the country’s evolving economic landscape—one he described as a powerful transition from chronic debt dependence to strategic financial stewardship.

Ogra’s message, backed by hard economic data, highlights what he calls “a deliberate and focused rebuild” of Nigeria’s financial framework. At the heart of this story is a notable contraction in Nigeria’s debt profile. As of December 31, 2024, the nation’s total debt—covering external and domestic liabilities across federal, state, and FCT levels—stood at $94.2 billion, down from $108.2 billion the year before. In a climate where many countries are deepening their borrowings, Nigeria’s steady debt repayment and avoidance of fresh bailout loans set it apart.

This fiscal prudence didn’t come at the expense of liquidity. On the contrary, Ogra revealed that despite clearing a longstanding foreign exchange (FX) backlog of $7 billion—a major burden for years—the country’s gross external reserves rose significantly, climbing from $33 billion in 2023 to $40.9 billion by the end of 2024. Even more striking is the net reserve position, which leaped from just $4.0 billion to $23.3 billion—an over 480% increase in twelve months. This robust reserve growth, achieved even while settling old debts, is widely seen as a strong signal of disciplined financial management under Tinubu’s watch.

Further supporting this narrative is Nigeria’s return to a Balance of Payments surplus. The country posted a surplus of $6.83 billion in 2024—a sharp turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. This reversal is attributed to growing non-oil exports, a more open financial system, and renewed investor engagement. Nigeria’s non-oil exports rose 24.6% to $7.46 billion, while gas exports surged by 48.3% to $8.66 billion, reflecting strong output from the likes of NGML and NLNG.

The investor landscape is also shifting positively. Portfolio investments, a key measure of foreign confidence, more than doubled in 2024, rising 106.5% to $13.35 billion. It’s a clear indicator that President Tinubu’s macroeconomic reforms—ranging from subsidy removals to the floating of the naira—are restoring faith in the Nigerian economy. “President Tinubu is not experimenting. He’s executing,” Ogra declared. “He’s not someone who gets governance advice from under the bridge. He knows the work, has done it globally, and is now doing it for Nigeria.”

That sense of renewed trust in Nigeria’s economy is also resonating among its citizens abroad. Remittances from the diaspora reached $20.93 billion in 2024, an 8.9% increase. Meanwhile, inflows through International Money Transfer Operators saw an even sharper rise, jumping 43.5% to $4.73 billion. These figures reflect not just familial support but also a broader economic confidence, as more Nigerians abroad feel assured that their contributions are going into a more stable system.

Ogra also spotlighted a major reduction in Nigeria’s debt obligations to the International Monetary Fund (IMF). From $2.47 billion in 2023, the country’s outstanding IMF loan was cut to just $800.23 million by the end of 2024—a 67% decrease. “This government is not piling up new debt. It is cleaning up the old ones—quietly and deliberately,” he noted.

Interestingly, the financial reengineering has not come with austerity in public sector operations. On the contrary, states are receiving more resources than ever. Monthly FAAC allocations reached historic highs in 2024, allowing state governments to invest in social services, infrastructure, and economic expansion. “It’s not just about paying off debts. It’s about building a country that works,” Ogra wrote.

That rebuilding is most evident in infrastructure. Across 24 states, 74 road projects are currently underway. These include transformative corridors like the Lagos-Calabar and Sokoto-Badagry superhighways, set to boost industry and agriculture across regions. Critical national arteries such as the Abuja-Kaduna-Zaria-Kano Road and the Akwanga-Jos-Bauchi-Gombe highway are being rehabilitated, while work on the long-awaited Second Niger Bridge’s access roads—Phase 2B—has commenced.

In the private sector, results are equally encouraging. Companies long plagued by foreign exchange shortages and erratic fiscal policies are now reporting strong rebounds. Nigerian Breweries, for instance, moved from losses to profitability in its latest results. Conglomerates like Dangote and BUA, alongside key players in the banking and manufacturing sectors, have posted some of their best earnings in years. “If you doubt me, check the NGX,” Ogra said, referencing the Nigerian Exchange website where public companies file financials.

Ogra emphasized that these results are not accidental but the product of sound leadership rooted in technical knowledge, real-world business experience, and political will. “Prudent management, optimization, and smart deployment of resources is what you get when you elect a President who actually understands finance and accounting,” he argued.

He concluded with a compelling Easter call-to-action: “If you’re not betting on Nigeria yet, you’re on a long thing. This is a country on the rise. Nigeria will thrive and succeed. Amen.”