Financial Expert Kalu Aja Criticizes Errors in President Tinubu's Independence Day Speech

President Bola Tinubu's Independence Day speech has come under fire for alleged inaccuracies, particularly in the economic sections, according to financial expert and educator Kalu Aja. Aja pointed out several inconsistencies in the president's claims, which he described as falsehoods.

In the speech, President Tinubu declared that his administration had paid off the N30 trillion debt incurred by the previous government. He also claimed that Nigeria had attracted more than $30 billion in foreign direct investment (FDI) over the past year.

However, Aja took to his X handle (formerly Twitter) on Tuesday to dispute these claims, particularly the assertion that the N30 trillion loan from the Central Bank of Nigeria had been repaid. He labelled this statement as misleading.

Aja wrote:
“The president’s Independence Day speech, specifically the economic parts, are filled with inaccuracies and falsehoods. Who vetted it? How can the President say he ‘cleared’ Ways and Means of N30 trillion? Or ‘attracted FDI of $30 billion?’

These are not simple errors; these are gross lies and falsehoods, and it’s pretty straightforward to fact-check these.”

He further emphasized that the president's words have an international audience, including investors and multinational agencies. Aja questioned how foreign traders and agencies would trust a country whose president made inaccurate economic statements.

He concluded by noting that despite the claim of $30 billion in FDI, Nigeria's foreign reserves remain at $37 billion, and the naira continues to depreciate, trading at N1,700 per dollar.