The Unprecedented Fiscal Surplus of the Central Bank of Nigeria: A Testament to the Tinubu Reforms
By Abayomi Odunowo
The Central Bank of Nigeria (CBN) has recently declared a record-breaking surplus of $6.83 billion for the fiscal year 2024, marking a significant turnaround from the ₦488 billion ($1.7 billion) deficit reported in the first quarter of 2020. This financial achievement is not merely a number but a reflection of the economic reforms instituted under President Bola Ahmed Tinubu’s administration. These reforms, collectively dubbed “T-Gains,” have catalyzed transformative changes within the Nigerian economy, propelling the nation towards unprecedented growth and stability. However, this narrative may not receive the broadcast coverage it warrants due to media biases; hence, it is necessary to unpack the implications of these developments and their potential to reshape Nigeria’s socio-economic landscape.
In an era where information is disseminated rapidly and widely, the media plays a pivotal role in shaping public perception and discourse. Unfortunately, some television stations have taken a business decision to oppose President Tinubu, thereby perpetuating narratives that undermine positive developments. Rather than reporting the achievements of the Tinubu administration, these outlets often invite opposition figures such as Peter Obi to amplify dissent, often obscuring their discussions with misleading statistics. This selective dissemination of information risks creating a distorted view of Nigeria’s economic health, ultimately influencing public sentiment and hindering genuine progress.
We must confront the dissonance between the prevailing media narrative and the reality of Nigeria’s economic performance under President Tinubu. The declared surplus of $6.83 billion is not an isolated achievement but rather a culmination of several significant economic indicators that are all on the upswing. For instance, the Nigerian Stock Exchange (NSE) achieved an impressive milestone, crossing the 100,000 All Share Index in January 2024, thereby surpassing Argentina as the world’s most profitable market. Furthermore, capital inflow into Nigeria surged by 66.27% under this administration, illustrating foreign investors’ growing confidence in Nigeria’s potential. The trade surplus of $14.31 billion and a quarterly GDP growth of 3.84% in 2024 further amplify this narrative of economic resurgence.
These figures clearly demonstrate that the reforms implemented under President Tinubu’s administration are conducive to economic revitalization. In light of these accomplishments, it becomes imperative for Nigerians to assess the facts impartially and reconsider any entrenched opposition based solely on ethnicity, religion, or regional affiliations. The economic outcomes of governance should compel citizens towards unity rather than division.
It is essential to juxtapose the opposition’s rhetoric with the tangible successes achieved during President Tinubu’s tenure. The Federal Government’s strategic involvement facilitated Nigeria’s airline, Air Peace, in securing daily direct flights to London. This move has led to a reduction in ticket prices, making international travel more accessible for Nigerians and stimulating tourism and business exchanges. The expansion of Lagos’ GDP from $100 billion to a staggering $259 billion encapsulates the extraordinary growth trajectory propelled by deliberate policies aimed at fostering entrepreneurship and investment.
Moreover, for those who may still hesitate to support President Tinubu based on biases, let the facts speak for themselves. The ongoing economic revival serves as a testament to the efficacy of the T-Gains reforms and offers a glimpse into the immense potential of a united Nigeria. It is time to prioritize unity over division and economic prosperity over narrow interests.
The Central Bank of Nigeria’s unprecedented surplus is a landmark achievement that should be celebrated and embraced as a collective step forward for the nation. Nigerians are encouraged to move towards an evidence-based approach when evaluating political leadership and governance. Rather than allowing preconceived notions to shape opinions, it is crucial to acknowledge successes, promote constructive dialogue, and foster a collective vision for Nigeria’s future. Ultimately, unity in the face of progress will pave the way for a more prosperous and resilient nation. The journey toward economic recovery may be riddled with challenges, but with thoughtful engagement and open-mindedness, Nigeria can emerge stronger and more prosperous than ever before.
Signed,
Otunba Abdulfalil Abayomi Odunowo
National Chairman AATSG
Email: nchairman@aatsg.org.ng
Phone: +234-9053535322
Website: www.aatsg.org.ng
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