From Isaac Anumihe, Abuja
The Federal Government has disclosed that it has successfully repaid $7 billion in 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, Vice President Kassim Shettima, represented by Dr. Tope Fasua, also highlighted the resolution of N30 trillion in “ways and means” at the Central Bank of Nigeria (CBN), ensuring that the government has efficiently serviced all its loans, including the repayment of a $1.5 billion eurobond.
Regarding the economic performance of 2024, Shettima praised it as “the best in 10 years.”
“Inflation remains sticky but is expected to decrease in the coming months, as food prices, foreign exchange rates, and other key drivers have stabilized. Nigeria’s rebased gross domestic product (GDP) is set to be released soon. However, we anticipate that the update, which reflects the last 11 years since the last rebasing in 2014, will show that the economy has grown significantly, providing a strong impetus for the future.
“The Nigerian economy will soon capture the attention of both domestic and local investors, as our economic indicators are expected to strengthen. In 2024, Nigeria’s balance of payment surplus reached $6.8 billion, trade surplus hit $16 billion, net foreign reserves grew by $20 billion, and we recently learned that Nigeria has fully repaid the principal of $3.4 billion borrowed for emergency purposes during the Covid-19 period from the International Monetary Fund (IMF),” he said.
Earlier, Samuel Agbeluyi, the President of CITN, acknowledged the considerable challenges Nigeria is facing, ranging from economic to security and social issues, highlighting the pressing need for sustainable solutions.
“In this regard, one cannot overlook the commendable efforts of the Tinubu-led administration. The work of the Presidential Committee on Fiscal Policy and Tax Reforms reflects a resolute commitment to charting a course for sustainable socio-economic development through an effective and efficient taxation system.
“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. As tax professionals, our contributions have never been more crucial than now. The bill, currently awaiting concurrent approval from the Senate, amongst other things, recommends the introduction of tax agents who will serve as intermediaries between taxpayers and revenue authorities,” Agbeluyi noted.