President Bola Tinubu, in a national address on Tuesday, shared key economic milestones his administration has achieved since taking office 16 months ago. Speaking in commemoration of Nigeria’s 64th Independence Anniversary, Tinubu emphasized his government’s efforts to stabilize the economy and ensure long-term prosperity for the nation.
One of the significant achievements he highlighted was the increase in Nigeria’s foreign reserves. Tinubu revealed that the reserves had risen from $33 billion to $37 billion, attributing this success to the disciplined management of the Central Bank of Nigeria (CBN). He praised the CBN’s monetary policies, which have played a pivotal role in maintaining stability and predictability in the foreign exchange market, despite various economic challenges.
In addition to boosting the foreign reserves, Tinubu mentioned his administration’s success in clearing a N30 trillion “Ways and Means” debt inherited from the Central Bank. This debt had accumulated from previous administrations, and according to Tinubu, clearing it was essential for improving Nigeria’s fiscal balance and preventing further economic downturns.
“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 a 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. We are moving ahead with our fiscal policy reforms.
“To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.
“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law,” he said.
