President Bola Tinubu announced that his administration has successfully increased Nigeria’s foreign reserves from $33 billion to $37 billion, while also clearing a N30 trillion debt in “Ways and Means” inherited from the Central Bank of Nigeria (CBN). The announcement was made during a national broadcast marking Nigeria’s 64th Independence Anniversary.
According to Tinubu, these achievements are the result of the CBN’s disciplined monetary policy, which has helped stabilize the foreign exchange market. He also highlighted that these milestones were reached despite the numerous economic challenges Nigeria has faced since he took office 16 months ago.
“We inherited a foreign reserve of over $33 billion. In the time since, we have paid back the inherited $7 billion forex backlog, cleared the N30 trillion Ways and Means debt, and reduced the debt service ratio from 97% to 68%,” Tinubu said.
He emphasized that, despite these significant financial obligations, the government has maintained foreign reserves at $37 billion and continues to meet its financial obligations on time.
