Nigeria’s President Tinubu: Economy Undergoing Reforms, N30 Trillion Debt Cleared

President Bola Ahmed Tinubu of Nigeria has announced significant progress in retooling and repositioning the country’s economy, emphasizing the need for fiscal discipline to ensure a sustainable future. In a nationwide broadcast to mark Nigeria’s 64th Independence Day celebrations, Tinubu revealed that his administration has cleared a debt of over N30 trillion from the Central Bank of Nigeria.

According to the President, his government has made significant gains in the last 16 months, reducing the debt service ratio from 97% to 68%. This development comes as a boost to the country’s economy, which has been plagued by fiscal misalignments and economic downturns in recent years.

Tinubu emphasized the importance of correcting these fiscal misalignments to avoid an uncertain future and unimaginable consequences. “The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably. If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences,” he warned.

The President’s announcement also sparked memories of the N30 trillion ways and means loan taken by the previous administration under former President Muhammadu Buhari’s government. The Nigerian Senate had vowed to probe the loan in February 2024, citing concerns over the country’s debt obligations.

Tinubu’s comments have sparked optimism about the country’s economic prospects, with many Nigerians hoping that the reforms and retooling efforts will yield positive results. With the country’s debt profile now clearer, the onus is on the administration to ensure that the resources are utilized effectively to stimulate growth and development. As the country looks to the future, one thing is clear: the path to economic sustainability will require hard work, discipline, and a commitment to fiscal responsibility.