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International Financial matters involving Tinubu and Argentina

Published 11 hours ago4 minute read
International Financial matters involving Tinubu and Argentina

President Bola Ahmed Tinubu's frequent trips to France have raised eyebrows in Nigeria, with critics questioning the necessity and impact of these visits. Since assuming office on May 29, 2023, Tinubu has spent a significant amount of time in France, totaling at least 59 days across eight separate visits. This frequency has led to public scrutiny, especially given the lack of reciprocal visits from French President Emmanuel Macron.

Tinubu's affinity for France predates his presidency, as he visited the country even before being sworn in. His official trips include attending the New Global Financial Pact summit in June 2023, where he advocated for vulnerable countries facing climate change and economic challenges. Other visits, such as those in September 2023 and January 2024, were described as personal or private, with limited information provided about their specific purposes.

Notably, an August 2024 trip coincided with a legal dispute involving a Chinese firm and the Ogun State Government, raising concerns about the use of presidential aircraft. In October 2024, Tinubu embarked on a two-week working vacation, part of which was spent in Paris for an undisclosed "important engagement." A state visit in November 2024 aimed to strengthen Nigeria-France relations, focusing on areas like agriculture, security, and education.

Most recently, in February 2025, Tinubu made another private visit to France en route to Addis Ababa for an African Union summit. This pattern of frequent travel has fueled speculation about the president's health, with some suggesting that he may be seeking medical treatment in France. Critics like Jide Ojo, a development consultant, have called for more transparency and questioned why Tinubu cannot conduct appraisals and reflections within Nigeria.

Ojo argues that if the trips are not for medical reasons, Tinubu should focus on addressing pressing national issues, such as insecurity. He also suggests that Tinubu should emulate leaders who show empathy by visiting affected areas and deploying resources to prevent future incidents. Timothy Osadolor, a PDP chieftain, echoed these concerns, urging Tinubu to invest in world-class health facilities in Nigeria to reduce the need for foreign medical trips.

The Presidency's response to these concerns has been limited, with the Special Adviser to the President on Information and Strategy, Bayo Onanuga, remaining largely silent on the matter. As Tinubu prepares to return from his latest trip to Paris, the questions surrounding his frequent visits and their impact on Nigeria persist.

In related news, Argentina has secured $42 billion in fresh financial support from international institutions, including the IMF, World Bank, and Inter-American Development Bank. This comes as President Javier Milei implements ambitious economic reforms aimed at boosting the country's growth. The IMF approved a $20 billion bailout, while the World Bank and IDB pledged $12 billion and $10 billion, respectively. Milei has expressed confidence that Argentina's economy will experience unprecedented growth in the coming years.

Finance Minister Luis Caputo announced that Argentina expects to receive $19 billion within 60 days, including an immediate $12 billion tranche from the IMF. The funds are intended to stabilize the peso currency and support Milei's efforts to revive the nation's economy. The IMF has praised Milei's progress in stabilizing the economy, while the World Bank has committed to releasing $1.5 billion immediately.

The deal marks the 23rd time Argentina has received a bailout from the IMF since 1956. Milei's administration plans to use the funds to recapitalize the Central Bank and eliminate exchange controls that have been in place since 2019. The peso will be allowed to float within a band of 1,000 to 1,400 pesos to the dollar, and the $200-per-month limit on citizens accessing dollars will be lifted.

While the IMF has expressed approval of Milei's attempts to curb inflation, the country still faces significant economic challenges, including a loss of purchasing power and high unemployment. US Treasury Secretary Scott Bessent is expected to visit Argentina to affirm the United States' support for the country's economic reforms.

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