President Bola Ahmed Tinubu on Tuesday announced that his administration had cleared the N30 trillion ways and means loan from the Central Bank of Nigeria.
He said this when he addressed the nation in a nationwide broadcast on the occasion of the country’s 64th Independence Day celebration.
He said his administration had made gains in retooling and repositioning Nigeria’s economy in the last 16 months.
He added that Nigeria under his watch had reduced its debt service ratio from 97 per cent to 68 per cent.
“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.
“We have cleared the ways and means of a debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent”, he said.
The N30 trillion ways and means debt was incurred by the administration of former President Muhammadu Buhari.
