“With $30B In FX Reserves, Exchange Rate Could Be $1 Or Less!” Economic Expert Kalu Aja Challenges Tinubu’s Independence Day Claims

“With $30B In FX Reserves, Exchange Rate Could Be $1 Or Less!” Economic Expert Kalu Aja Challenges Tinubu’s Independence Day Claims
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Prominent economic analyst Kalu Aja has thrown down the gauntlet to President Tinubu’s assertions made during his Independence Day address, where he claimed that since assuming office in May of last year, Nigeria has attracted an astonishing $30 billion in foreign investment.

In his address on October 1, marking Nigeria’s 64th Independence Day, President Bola Ahmed Tinubu urged Nigerians to exercise patience, asserting that his reforms have successfully driven $30 billion in foreign direct investment into the Nigerian economy over the past year.

However, Kalu Aja has raised significant doubts about the validity of the President’s claims, pointing out the lack of tangible impact on the Naira. He emphasized that if such a substantial influx of dollars had indeed entered the country, the exchange rate would not remain pegged at a staggering N1650 to the dollar. “If $30 billion came into Nigeria or was added to the country’s FX reserves in the fiscal year ending September 2024, the exchange rate would be approximately $1 to N300 or less,” Aja stated.