President Bola Ahmed Tinubu has announced that his administration has cleared a N30 trillion “ways and means” loan inherited from the Central Bank of Nigeria (CBN). The President disclosed this during a nationwide broadcast marking Nigeria’s 64th Independence Day on Tuesday.
Tinubu also highlighted that his government has made strides in reducing the country’s debt service ratio, cutting it from 97% to 68%. These actions, he said, are part of broader efforts to stabilize and retool Nigeria’s economy after several years of fiscal mismanagement.
“The economy is undergoing the necessary reforms to serve us better and more sustainably,” Tinubu remarked, adding that without these corrections, the country could face significant economic challenges in the future.
In addition to clearing the debt, the President revealed that Nigeria’s foreign reserves have grown from $33 billion to $37 billion over the past 16 months. He credited this improvement to the CBN’s disciplined approach to monetary policy, which has helped maintain stability in the foreign exchange market.
Tinubu also noted that despite clearing a $7 billion backlog in foreign exchange obligations, his administration has successfully managed to keep reserves steady, even in the face of numerous economic headwinds.
“We continue to meet all our obligations and pay our bills,” the President emphasized, underscoring his administration’s commitment to ensuring fiscal responsibility.
These economic milestones, Tinubu said, are crucial to securing a sustainable future for Nigeria.
