On Tuesday, President Bola Tinubu said that his administration had paid off N30 trillion in debt obtained from the Central Bank of Nigeria and increased Nigeria’s foreign reserve from $33 billion to $37 billion.

In his national broadcast to commemorate Nigeria’s 64th anniversary of independence, Tinubu stated as much.

He attributed this to the CBN’s methodical approach to managing monetary policy, which he claimed guaranteed predictability and stability in the foreign exchange market.

Notwithstanding the numerous challenges Nigeria’s economy has encountered since taking office sixteen months ago, according to Tinubu, the milestones were reached.

16 months ago, we inherited a reserve worth over $33 billion. We have since repaid the $7 billion inherited FX backlog.

“We have paid off the approximately N30 trillion ways and means debt. The debt-to-income ratio has been lowered from 97% to 68%.

We’ve managed to maintain our $37 billion foreign reserve in spite of all of them. The President clarified, “We are still meeting all of our responsibilities and making bill payments.