Tinubu Boasts of $3bn Foreign Reserve Increase, N30tr Debt Clearance

President Bola Tinubu has disclosed that his administration has raised Nigeria’s foreign reserve from $33bn to $37bn and cleared the N30tr ways and means debt received from the Central Bank of Nigeria.

“We inherited a reserve of over $33bn 16 months ago. Since then, we have paid back the inherited forex backlog of $7bn. We have cleared the ways and means debt of over N30tn. We have reduced the debt service ratio from 97 per cent to 68 per cent. Despite all these, we have managed to keep our foreign reserve at $37bn. We continue to meet all our obligations and pay our bills,” Tinubu said in his address to mark Nigeria’s 64th Independence Anniversary.

He attributed these milestones to the Central Bank of Nigeria’s disciplined approach to monetary policy management, which ensured stability and predictability in the foreign exchange market.

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Tinubu emphasized that these achievements were accomplished despite the economic headwinds faced by the nation since he assumed office 16 months ago.

“We have paid back the inherited forex backlog of $7bn. We have cleared the ways and means debt of over N30tn. We have reduced the debt service ratio from 97 per cent to 68 per cent. Despite all these, we have managed to keep our foreign reserve at $37bn. We continue to meet all our obligations and pay our bills,” he added.