Tinubu also added that Nigeria under his watch has reduced its debt service ratio from from 97 per cent to 68 per cent
By Kehinde Okeowo
President Bola Ahmed Tinubu on Tuesday claimed that his administration has paid back N30 trillion ways and means loan from the Central Bank of Nigeria (CBN).
He made this known during his 64th Independence Day celebration nationwide broadcast.
Prior to this disclosure, the Nigerian Senate had in February vowed to probe the N30 trillion ways and means loan obtained under former President Muhammadu Buhari’s government.
Speaking on the loan during the address, Tinubu said his administration has cleared it, adding that the FG in the last 16 months has made gains in retooling and repositioning Nigeria’s economy.
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He further said Nigeria under his watch has reduced its debt service ratio from from 97 percent to 68 percent.
“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 percent to 68 percent,” Tinubu said.
