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Nigeria’s Foreign Reserves Recorded $2.35bn Net Inflow In Seven Months — Finance Minister Wale Edun

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Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the country’s foreign reserves have seen a significant boost, with a net inflow of $2.35 billion in the first seven months of the year.

He made this revelation on Thursday at the Access Bank corporate forum in Lagos.

According to Edun, the stability of the naira in the foreign exchange market has been instrumental in driving this growth.

The naira’s relative stability has led to an increase in foreign reserves, and access to foreign exchange has also improved.

“We have relative currency stability. And of course, the all important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates,” Edun said.

“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.

“On the fiscal side as well, government revenues are growing and the key to government revenue is not so much that the government has revenue to compete with the private sector.”

Edun, however, said Nigeria’s tax to gross domestic product (GDP) ratio is as low as 10 percent, that revenue to GDP is also around 15 percent.

As at September 12, Nigeria’s external reserves stood at $36.08 billion, according to data from the Central Bank of Nigeria (CBN).

The CBN had, on September 17, said the country’s foreign exchange reserves are at risk due to the petrol subsidy removal and lower crude oil earnings.

The apex bank also said increased external debt servicing obligations could pose risks for the growth of external reserves.

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JUST IN: Chaos At PDP Caucus Meeting As Security Operatives Forcefully Eject Members [VIDEO]

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The caucus meeting of the Peoples Democratic Party (PDP) turned chaotic on Monday after security operatives forcefully removed some members from the national executive committee (NEC) hall.

The meeting was scheduled to take place at the NEC hall of the party’s headquarters in Abuja, with members already arriving at the venue.

Two individuals were ejected by security personnel following claims by some protocol officers that they had no authorization to be present at the meeting.

During the confrontation, a glass door was broken while the members were being dragged out.

“Are you NWC member?” shouted Chinwe Nnorom, national director of publicity, before the individuals were taken out of the venue.

Earlier in the day, security personnel had taken control of the PDP headquarters and stopped members of the board of trustees (BoT) from accessing the NEC hall for their scheduled meeting.

As a result, the BoT moved their meeting to the Yar’Adua Centre located in the central business district of Abuja.

In recent weeks, the PDP has been embroiled in increasing drama and new developments amid its internal crisis.

Watch VIDEO HERE

 

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BREAKING: Security Operatives Block PDP BoT From Meeting At Party Headquarters

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Security operatives have barred members of the Peoples Democratic Party (PDP) Board of Trustees (BoT) from holding their meeting at the party’s national headquarters in Abuja.

The security personnel stopped the BoT members from accessing the National Executive Committee (NEC) hall where the meeting was scheduled to take place on Monday morning.

The BoT has subsequently relocated the meeting to the Yar’Adua Centre in Abuja’s Central Business District.

 

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Nigerian Medical Student Hails “Inspiring” Encounter With President Tinubu, St. Lucian PM Pierre

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For Nigerian medical student Bob Chikwem Amadi, what started as a routine work assignment turned into an unforgettable experience with two world leaders — President Bola Ahmed Tinubu of Nigeria and Prime Minister Philip J. Pierre of Saint Lucia.

Amadi, currently studying medicine at the American International University in Saint Lucia, was part of the service team present during President Tinubu’s courtesy call to Prime Minister Pierre’s official residence on the second day of the Nigerian president’s state visit to the Caribbean nation.

Originally from Rivers State, Amadi has lived in Saint Lucia for ten years and recently completed the four-year basic phase of his medical education. He is now preparing to begin his clinical training.

Alongside his studies, Amadi also works part-time as a talent and brand manager with a local catering and entertainment company — a role that brought him close to the high-level diplomatic event.

During the visit, Prime Minister Pierre was informed by his aides that one of the staff members was a Nigerian student.

Taking a brief moment before his official engagements began, the prime minister introduced Amadi to President Tinubu.

The president, known for his engaging nature and interest in Nigerians living abroad, took time to speak with the young student, asking about his name, background, and academic journey.

Tinubu extended his best wishes and words of encouragement, praising Amadi for his dedication to his studies overseas.

Describing the experience, Amadi said it was “an inspiring moment” for him.

“Saint Lucia is an amazing island. I will describe it as a wonderful place. They are a very contented society and things are relatively calm”, he said.

The moment was capped off when Amadi was invited to join President Tinubu and Prime Minister Pierre for a group photograph — a symbolic and memorable close to a chance meeting with two major political leaders from Africa and the Caribbean.

Amadi also reflected on the strong historical and cultural ties between Nigeria and Saint Lucia.

“We have always hoped that there are many opportunities between Saint Lucia and Nigeria. We share similar food crops and culture, and the connection is deep”, he said.

President Tinubu’s visit to Saint Lucia marks the beginning of a broader diplomatic tour of the Caribbean and South America, focused on enhancing trade, cultural ties, and diplomatic collaboration between Nigeria and Caribbean countries.

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