In a national broadcast marking Nigeria’s 64th Independence Anniversary, President Bola Tinubu revealed significant economic achievements. He stated that the country’s foreign reserve has increased from $33 billion to $37 billion.
Tinubu attributed this success to the Central Bank of Nigeria’s disciplined approach to monetary policy management, ensuring stability and predictability in the foreign exchange market.
Additionally, the President announced the clearance of N30 trillion in Ways and Means debt inherited from the Central Bank of Nigeria. He also highlighted a reduction in the debt service ratio from 97% to 68%.
“We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion,” Tinubu explained.
These were achieved despite economic headwinds faced by the country since Tinubu took office 16 months ago.