From Isaac Anumihe
The federal government has announced that it has cleared $7 billion of Nigeria’s foreign exchange forwards and other financial obligations.
Speaking at the 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, Dr Tope Fasua, representing Vice President Kassim Shettima, revealed that the government has also settled N30 trillion in ways and means advances at the Central Bank of Nigeria (CBN). Additionally, all loans, including a $1.5 billion Eurobond, have been fully serviced.
He described 2024 as Nigeria’s strongest economic year in a decade. “Inflation remains sticky but is projected to head southwards in the coming months, as food prices, foreign exchange, and other key drivers have remained stable,” he said. He noted that Nigeria’s rebased gross domestic product (GDP), last updated in 2014, will soon be released, reflecting significant economic growth and boosting investor confidence.
Fasua key achievements, stating, “In the year 2024, we saw a scenario where Nigeria’s balance of payments surplus hit $6.8 billion, our trade surplus was at $16 billion, net foreign reserves grew by $20 billion, and we also got news recently that Nigeria has repaid in full, the principal of $3.4 billion borrowed for emergency purposes around the Covid-19 era from none else than the International Monetary Fund.”
Earlier, CITN President Samuel Agbeluyi acknowledged Nigeria’s economic, security, and social challenges, stressing the urgent need for sustainable solutions. He praised the Tinubu administration’s efforts, particularly the Presidential Committee on Fiscal Policy and Tax Reforms, for advancing socio-economic development through an effective taxation system.
Agbeluyi noted, “This legislative effort is certainly commendable; however, no matter how well-designed a policy or law may be, its success ultimately depends on the quality of its implementation.”
He noted the proposed introduction of tax agents in a bill awaiting Senate approval, which would serve as intermediaries between taxpayers and revenue authorities, emphasising the critical role of tax professionals.
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