Nigeria dodged a massive currency bullet thanks to painful government tweaks, according to insiders. Taiwo Oyedele argued that sticking with old methods would have spiked unmet foreign exchange needs significantly from 2023 levels. The tax expert claimed recent trade shifts fixed foreign reserves and finally allowed naira cards to work internationally again. He insisted that without these aggressive moves, debt servicing would have swallowed nearly every earned kobo while tax revenue remained incredibly low compared to national output.
Oyedele pointed out that debt repayment ratios dropped to under half of revenue because fiscal discipline improved. He noted that printing money via Ways & Means slowed down while infrastructure spending went up. The official mentioned that crude oil output rose as theft reduced, bringing investors back to the table. He admitted poverty remains high but suggested that jobs might recover as companies stabilize.
Global agencies like Fitch and Moody’s apparently agree with this optimism. The Central Bank Governor highlighted that credit scores jumped up because outsiders see better fundamentals. He referenced a massive Eurobond sale where they raised billions, proving that foreign lenders trust the current direction.
Oyedele pointed out that debt repayment ratios dropped to under half of revenue because fiscal discipline improved. He noted that printing money via Ways & Means slowed down while infrastructure spending went up. The official mentioned that crude oil output rose as theft reduced, bringing investors back to the table. He admitted poverty remains high but suggested that jobs might recover as companies stabilize.
Global agencies like Fitch and Moody’s apparently agree with this optimism. The Central Bank Governor highlighted that credit scores jumped up because outsiders see better fundamentals. He referenced a massive Eurobond sale where they raised billions, proving that foreign lenders trust the current direction.
