₦airaland Forum

On Tuesday, President Bola Tinubu joined Nigerians in celebrating the country’s 64th Independence Day anniversary — his second since assuming office on May 29, 2023.

The president made several claims while reading his Independence Day speech, stating how his policies and reforms have yielded results since he took over the reign of power.

TheCable checked some of his claims, and here is what we found.

CLAIM ONE: Tinubu said Nigeria attracted foreign direct investments (FDI) worth more than $30 billion in 2023 due to his economic policies.

“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably,” the president said.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences.

“Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.”

FDI is the establishment of a company or business in a country by a foreign investor.

VERIFICATION

On February 17, 2024, Doris Uzoka-Anite, minister of industry, trade and investment, said the country obtained about $30 billion in investment commitments from various investors.

Uzoka-Anite said the commitments will be redeemed within five to eight years.

Also, the National Bureau of Statistics (NBS) usually releases capital importation reports, which include details on foreign direct investment inflows that Nigeria attracts every quarter.

The NBS capital importation report categorises capital inflows into three main types: foreign direct investment (FDI), foreign portfolio investment (FPI), and other investments.

According to data obtained from NBS, between Q2 — when Tinubu’s administration began — and Q1 of 2024, Nigeria attracted a total of $448.95 million in foreign direct investment (FDI).

In the same period, foreign portfolio investments — which involve investments in financial assets such as stocks and bonds — amounted to $2.58 billion.

Additionally, other investments, such as loans, trade credits, and other capital inflows totaled $3.12 billion.

Further analysis by TheCable showed that in Q2 2023, Nigeria recorded $1.03 billion in foreign inflows, which includes FDI, portfolio investments, and other investments.

The figure dropped to $654.65 million in Q3 2023 but rose to $1.09 billion in Q4.

However, by Q1 2024, total capital inflow surged to $3.38 billion.

In total, Nigeria attracted $6.14 billion in foreign inflows between Q2 2023 and Q1 2024.

VERDICT

Based on data from the NBS, Tinubu’s claim that the country attracted more than $30 billion in foreign direct investment in 2023 is incorrect.

According to the minister of industry, trade, and investment, what Nigeria got were investment commitments, which represent pledges or agreements to invest $30 billion within five to eight years, rather than actual foreign direct investments.

CLAIM TWO: Tinubu said his administration inherited a foreign reserve of over $33 billion and has since increased and maintained it at $37 billion.

“We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion. We have cleared the ways and means debt of over N30 trillion,” he said.

“We have reduced the debt service ratio from 97 percent to 68 percent. Despite all these, we have managed to keep our foreign reserve at $37 billion. We continue to meet all our obligations and pay our bills.”

VERIFICATION

Based on the last data released by the Central Bank of Nigeria (CBN) on May 26, 2023, three days before the president assumed office, the foreign reserves stood at $35.14 billion.

However, the latest figures from the CBN, as of September 27, 2024, showed that the foreign reserves rose to $38.05 billion.

VERDICT

The president’s claim that his administration has increased the foreign reserves is true, based on data from CBN.

CLAIM THREE: Tinubu said his administration has successfully cleared the $7 billion foreign exchange backlog that was inherited when he took office.

“Since then, we have paid back the inherited forex backlog of $7 billion,” the president said.

VERIFICATION

FX backlog refers to the accumulated unmet foreign exchange (FX) demands or obligations that a country has not been able to fulfill.

On February 5, Olayemi Cardoso, CBN governor, said he inherited a $7 billion FX backlog when he took over the apex bank in September 2023.

The backlog indicates that there were outstanding requests from businesses, investors, or individuals for foreign currencies to facilitate international transactions — such as imports, debt payments, or foreign investments — that the CBN had not been able to supply due to a shortage of FX at the time.

On September 26, 2023, the CBN governor announced that the apex bank was working on settling the $7 billion FX backlog liabilities.

On March 20, 2024, Hakama Sidi Ali, director of corporate communications at CBN, said the apex bank has successfully settled all valid outstanding FX obligations.

Two days after, Kingsley Nwokeoma, president of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), called for evidence of payment.

Nwokeoma said the apex bank should provide proof of payment, as they had yet to receive any funds.

However, on June 2, 2024, the International Air Transport Association (IATA) said 98 percent of trapped airlines’ funds in Nigeria had been cleared.

VERDICT

Based on the official statement from the CBN which is responsible for FX payments, and the IATA, representing foreign airlines, the president’s claim is largely correct.

CLAIM FOUR: Tinubu said his administration has cleared the ways and means debt of over N30 trillion.

“We have cleared the ways and means debt of over N30 trillion,” the president said.

VERIFICATION

Ways and means advances refer to a facility provided by the CBN that allows the federal government to borrow money from the apex bank to cover short-term funding needs.

Essentially, it helps the government manage its finances when there is a shortfall in revenue.

On May 23, 2023, the senate approved the securitisation of N22.7 trillion ways and means loans, following a request by former President Muhammadu Buhari on December 28, 2022, to convert the debt into a government bond.

Securitisation is the process of turning assets into interest-bearing securities that can be sold to investors.

Also, on December 30, 2023, the national assembly approved Tinubu’s request for the securitisation of outstanding N7.3 trillion ways and means debt.

While the Debt Management Office (DMO) has not released the document for the securitisation of the N7.3 trillion loan, the details of the N22.7 trillion loan securitised during Buhari’s administration showed that the tenure is 40 years, meaning that the principal and interests are expected to be paid within 40 years.

Additionally, there is a 3-year moratorium on the principal, which means for the first three years, the borrower does not have to make any payments towards the principal amount of the loan.

The document also states that it carries an interest rate of 9 percent per annum, which means that each year, the federal government will pay 9 percent of the remaining loan balance as interest.

VERDICT

Tinubu’s claim that his administration has cleared the N30 trillion ways and means is false, as the DMO document showed that the loan has been securitised to be paid within 40 years, not paid in full as Tinubu asserted.


https://reubenabati.com.ng/featur/fact-check-how-accurate-are-claims-made-by-tinubu-in-his-independence-day-speech

I read through yet didnt say any false bogus claim in the article

Its a thing of " + and -"....

They are still closely related figures.

So Tinubu came on national TV on independence day to tell half truths and barefaced lies. 

It shall never be well with those who worked, supported, and encouraged this calamitous Tinubu government.

VERDICT; Tinubu’s claim that his administration has cleared the N30 trillion ways and means is false, as the DMO document showed that the loan has been securitised to be paid within 40 years, not paid in full as Tinubu asserted.

Chronic irredeemable liars can never tell the truth.

The fact check is quite revealing.

Tinubu has never told truth in his life everything he has ever achieved is through lies, that is why he is heavy on propaganda
He has the nation newspaper, tvc,radio station to himself and friends to many owners of media House,what do you think he uses them for
He acquired people like keyamo, ffk,laid Muhammed, oshiomole these are chronic lies
These are these are the instruments he used in brain washing his zombies,its also what gave him the presidency, he can't change his winning formula now
He is used to bogus claims, overstating his achievements, like he built Lagos, which we all know its a lie

How can a whole President lied openly in Narional broadcast.

CyrusVI:


I read through yet didnt say any false bogus claim in the article

Its a thing of " + and -"....

They are still closely related figures.

Coupled with Tinubu's unexpected ineptitude, you are one reason why I am suddenly disliking this government.
A Tinubu supporter with the attitude of an obidense 🤨.

I will be riht bac

Toh

Tinubu has made things more worst than he met it. I wander why the national assembly has not make any move to impeach him

CyrusVI:


I read through yet didnt say any false bogus claim in the article

Its a thing of " + and -"....

They are still closely related figures.

Bro I need job o badly.. link me with your people na make we follow dey collect this 30k.. is it not just to stay trolling on all politics topics and defend anything defendable whether the defence makes sense or not. I'm game.

So actually, Tinubu TU lie....
Meanwhile

Tinubu did not lie about ways and means.
He Cleared ways and means which is a loan availed by CBN. The idea is that it's no longer on CBN balance sheet which was illegal. It is not illegal to have loans but ways and means from CBN shouldn't exceed 5% of current year budget...(That's illegal).
So there's no Ways and Means loan to the tune of N30T as at today.
He was just bragging about cleaning the country's financial books which is usual for accountants.
He paid fx backlog of $7B and yet increased reserve by $4B in 16 months . Now that is news.

Reading comprehension issue

Bobloco:
So Tinubu came on national TV on independence day to tell half truths and barefaced lies.  It shall never be well with those who worked, supported, and encouraged this calamitous Tinubu government.

Isn't that what he has done ever since he was elected? Nigerians should never forget the infamous "Fuel Subsidy is gone" declaration which turned out to be a bloody lie!

helinues:
Reading comprehension issue

Bath helinues bath

Nice one. The fact checkers are doing a great job.

Buccalcavity2:
Tinubu did not lie about ways and means.
He Cleared ways and means which is a loan availed by CBN. The idea is that it's no longer on CBN balance sheet which was illegal. It is not illegal to have loans but ways and means from CBN shouldn't exceed 5% of current year budget...(That's illegal).
So there's no Ways and Means loan to the tune of N30T as at today.
He was just bragging about cleaning the country's financial books which is usual for accountants.
He paid fx backlog of $7B and yet increased reserve by $4B in 16 months . Now that is news.

This Fx backlog, is it not just exchanging Naira to $ for customers that requested for it?
If so what's big deal there?

Nlfpmod

helinues:
Reading comprehension issue

Your post clearly shows you are referring to yourself.

Tinubu have always lied his way through life. Don't expect him to stop now that he desperately needs a new lie everyday to cover up an old one.

SisterAnn:
Your post clearly shows you are referring to yourself.

Tinubu have always lied his way through life. Don't expect him to stop now that he desperately needs a new lie everyday to cover up an old one.

Once you join APC, Nlfpmod, your brain stops. Don't take Hell in us serious.