President Bola Ahmed Tinubu has announced that his administration has cleared a N30 trillion Ways and Means loan from the Central Bank of Nigeria (CBN), a major financial milestone for the country. He made this disclosure during his 64th Independence Day nationwide broadcast on Tuesday, signaling a significant economic achievement under his leadership.
The President emphasized that within the last 16 months, his administration has made strides in retooling and repositioning the nation’s economy. He also noted that Nigeria’s debt service ratio has been reduced from 97% to 68%, improving the country’s fiscal outlook.
“The economy is undergoing necessary reforms and retooling to better serve us in the long term. If we do not correct the fiscal misalignments that led to the current economic challenges, the future of our country would be uncertain, and the consequences unimaginable,” Tinubu stated.
He further highlighted the N30 trillion debt clearance as a key achievement, which marks a significant move in addressing Nigeria’s financial health.
This comes after the Nigerian Senate, in February 2024, vowed to probe the N30 trillion Ways and Means loan accumulated under the administration of former President Muhammadu Buhari.
