IMF’s Claim That Nigeria’s Account Balance Experienced A Surplus Of $1.432 bn, Presidency Reacts

IMF's Claim That Nigeria's Account Balance Experienced A Surplus Of $1.432 bn, Presidency Reacts

The administration of President Bola Ahmed Tinubu has responded to the International Monetary Fund’s (IMF) recent assertion that the nation’s current account balance had a $1.432 billion surplus in 2024.CONTINUE FULL READING>>>>>

While reacting, presidency noted that the recent increase in the federal government’s account, was as a result of improvement from the $1.21 billion surplus that was recorded in the year 2023.

Presidency made this disclosure in a post that was made by the Special Adviser to President Tinubu on Information and Strategy, Mr Bayo Onanuga. He went on and noted that the country’s gross savings also increased to 26.32 percent

Onanuga went on and made it known that the total investment in the country rose to 25.75 percent in the year 2024, compared to 24.28 percent in 2023, according to the IMF report.

Onanuga went on and noted that a nation’s current account balance, represents the combined total of its trade balance, net income, direct transfers, and asset income, noting that it also provides a clear picture of the country’s international economic transactions.

Read the full post below.

Recall that the International Monetary Fund, IMF, recently claimed that the country’s account balance, experienced a surplus of $1.432 billion in the year 2024.CONTINUE FULL READING>>>>>