President Bola Tinubu has boasted that the disciplined economic approach adopted by the Central Bank of Nigeria (CBN) under his watch has ensured stability and predictability in foreign exchange market of the country, saying it has aided repayment of N30 trillion ways and means debt.
Tinubu said that through the apex bank, the country has been able to effectively manage its monetary policy effectively.
The president noted that despite the many headwinds Nigerian economy faced during his assumption of office, the policy achieved better than expected.
He disclosed on Tuesday while addressing Nigerians on the 64th anniversary of the country.
“The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.
“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”.
The Ways and Means is the debt government incurred by borrowing funds from the country’s central bank.
