President Tinubu Announces Economic Milestones in Independence Day Speech
President Bola Tinubu has revealed significant progress in stabilizing Nigeria’s economy, including clearing a $7 billion foreign exchange backlog and reducing the nation’s debt service ratio from 97% to 68%.
The President made the announcement during his 64th Independence Day address, underscoring his administration’s commitment to addressing Nigeria’s financial challenges.
Tinubu noted that his government had also successfully cleared over N30 trillion in “ways and means” debt while maintaining the country’s foreign reserves at $37 billion. These measures are part of ongoing reforms aimed at managing Nigeria’s debt burden and revitalizing the economy.
In a video shared by Dada Olusegun, Special Assistant to the President on Social Media, the President’s statements were highlighted under the caption: “ON THE SUCCESS OF REFORMS SO FAR.”
“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,” the caption read.
ON THE SUCCESS OF REFORMS SO FAR
“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… pic.twitter.com/ZH0gFlnbTi
— Daddy D.O🇳🇬 (@DOlusegun) October 1, 2024
