Nigeria: We Inherited $33bn Reserve, Paid $7bn Forex Backlog, Cleared N30trn Ways and Means, Raised Reserve to $37bn - Tinubu

1 October 2024
This Day (Lagos)

*Says debt service ratio reduced from 97% to 68%

President Bola Tinubu has said that despite the many headwinds Nigerian economy faced at the time he assumed office 16 months ago, the disciplined approach adopted by the Central Bank to monetary policy management had ensured stability and predictability in foreign exchange market.

In his national broadcast on Tuesday to mark the 64th Independence Anniversary, President Tinubu said, "We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion. We have cleared the ways and means debt of over N30 trillion. 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 $37 billion. We continue to meet all our obligations and pay our bills."

Read the original article on This Day.

Tagged:
Copyright © 2024 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.