The Social Democratic Party (SDP) has applauded the balance of payment surplus report by the Central Bank of Nigeria (CBN).
In a statement signed by the National Publicity Secretary, Araba Rufus Aiyenigba, and made available to newsmen on Friday, the SDP called on President Bola Tinubu to be proactive instead of being reactive by coming up with creative solutions that will impact the lives of ordinary Nigerians.
On Wednesday, April 9, 2025, the Governor of Central Bank of Nigeria, Olayemi Cardoso, released some fantastic and cheering statistics regarding Nigeria recording its first balance of payment surplus in three years, on account of the effectiveness of the ongoing economic reform agenda, which are anchored on “boosting of oil and gas production, fuel subsidy removal and free-floating of the naira.”
Mr. Cardoso reported that the country, which is the largest oil producer nation in Africa, posted a surplus of $6.83 billion in 2024 as against $3.34 deficit of the previous year, $17.2 billion surplus on the capital and financial account, due to increased gas production, non-oil exports and reduced imports, and that our external reserve increased by $6 billion to $40.2 billion by December 31, 2924. We give thumbs up for this achievement.
He also noted that “the outcome demonstrates the effectiveness of Nigeria’s ongoing reform agenda,” adding that the liberalisation and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilizing the naira, and coordinated fiscal monetary measures have all contributed.”
Notwithstanding the compelling statistics, SDP noted that there is a worrisome downside to the report, which is the 42% fall in direct foreign investment, which came to $1.08 billion!
“We need to make Nigeria market more attractive to foreign investors by implementing policies that enable inflow of investment and the ambience that engenders retainment of investment in the country.
“While one recognises the appreciable positives and commends the marked improvement in our foreign reserve, it needs to be stressed that not much of the impact of the surplus was felt or experienced by everyday Nigerians during the year under review. The story was not any better, even in the Q1 of this year, as prices of goods and commodities are still rising by the day beyond the reach of the common man, and cost of living is still generally high.
“There is no denying the fact that a critical mass of the Nigerian population is presently going through harrowing experiences economically,” the party said.
Worried by the pervading economy hardship across the nation, the SDP called on President Tinubu to respond with more creative solutions to mitigate the prevalent economic challenges that Nigerians are going through.
“Necessity is laid upon him to ensure that he makes it the turn of the Nigerian masses to enjoy meaningful living.
“At the inception of this administration, on account of the removal of fuel subsidy, CNG Buses were introduced to ameliorate mass transit challenges. But inexplicably, the initiative appears to have fizzled out, perhaps as a result of poor policy implementation and system corruption.
“We also have the case of the worrisome dimension with which insecurity is affecting our economy, as farming activities and productive economic engagements in our communities are being seriously disrupted across the entire national landscape by the ruinous attacks by armed bandits.
“Corruption is also growing in the country at an alarming rate. The nation is gasping for breath under the suffocating grips of high-level economic grafts, as we are still witnessing humongous corruption in our public institutions and systems, if not in higher proportions, than what it was in the past!
“While Nigerians are looking to the President to deplore his expertise and change our economic fortune for the better, how much time is left for him for serious governance and to translate his grand vision to reality is a concern to well-meaning Nigerian patriots, considering that the politics of 2027 has already taken the centre-stage.”
SDP insisted that President Tinubu owes it a duty to make the much- desired difference in the lives of Nigerians at the end of his term.
