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We cleared $7 billion Forex backlog, reduced debt service ratio, says Pres. Tinubu

President Bola Ahmed Tinubu has announced that his administration has successfully paid off a $7 billion backlog in foreign exchange and reduced Nigeria’s debt service ratio from 97% to 68%.

Speaking during his 64th Independence Day address, Tinubu noted that his government had cleared over N30 trillion in ways and means debt while maintaining the country’s foreign reserves at $37 billion.

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The President highlighted these achievements as part of ongoing efforts to stabilize Nigeria’s economy and manage its debt burden.

This was revealed in video by the Special Assistant to the President on social media, Dada Olusegun, 1st of October, 2024.

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The caption reads:

“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

  • President Tinubu
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NigeriaAt64” [CONTINUE READING HERE]>>>>



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