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

*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.”