$46b Foreign Reserves Nothing – Fani-Kayode


Former Minister of Aviation Femi Fani-Kayode has played down the recent revelation that Nigeria’s foreign reserves has hit $46 billion.

Data from the Central Bank of Nigeria (CBN) show that the foreign reserves grew by $6.7 billion between January and the beginning of March.

Confirming the data on Sunday, Isaac Okorafor, acting director, corporate communications department, said the foreign reserves stood at $39.3 billion at the beginning of the year.

“The reserves at the beginning of 2018 stood at $39.3 billion, then rose to $42.8 in February before hitting the new high of $46 billion,” the statement read.

Reacting in a post on Twitter, the chieftain of the Peoples Democratic Party (PDP) disclosed that former President Olusegun Obasanjo also hit high marks with the country’s reserves.

“When OBJ came to power in 1999 our foreign reserves were 1.5 billion USD and there was no ECA.

“By the time OBJ left power in 2007 he left 45 billion USD in foreign reserves and 22 billion USD in the ECA.

“He also paid off ALL our foreign debts!

“Buhari’s 46 billion is nothing,” Fani-Kayode wrote.

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