Kalu Aja, a prominent financial analyst and educator, responded to President Tinubu’s Independence Day declaration regarding Nigeria’s Ways and Means (W&M) debt in a recent comment made through his official X account. According to President Tinubu, the N30 trillion W&M debt has been paid off under his government…. CLICK TO READ THE FULL NEWS HERE▶️▶️
However, Aja debunked this claim and questioned the accuracy of the president’s claims.
“You can’t clear N30t; you don’t have the cash or earnings.
You converted the existing W&M obligation to long-term bonds, which all Nigerians will repay.
Then you borrowed a fresh N7 trillion from Ways and Means,” Kalu Aja wrote.
He pointed out that the country lacks the financial resources to eliminate such a large debt completely.
Aja explained that instead of clearing the debt, the government had restructured it.
This means that the debt was not wiped out but rather transformed into bonds, spreading the repayment over a longer period.
This move essentially passes the burden of repayment onto the Nigerian people, who will now have to bear the costs over time.
In addition to this, Aja highlighted that the government had not only restructured the existing debt but had also borrowed more money.
This means that despite the claims of debt reduction, the government has increased its borrowing, adding to the country’s financial obligations.
Aja’s comments suggest that while the government may have taken steps to manage the debt, it has not “cleared” it as President Tinubu claimed.
Instead, the debt has been reshaped and even increased, raising concerns about the long-term financial burden on Nigerians.CLICK TO READ THE FULL NEWS HERE▶️▶️
