President Bola Ahmed Tinubu has revealed that his administration has successfully cleared the N30 trillion Ways and Means loan from the Central Bank of Nigeria (CBN).
The announcement came during his address to the nation in celebration of Nigeria’s 64th Independence Day.
In his speech, Tinubu stressed that his government has been focused on revitalizing the economy over the past 16 months. He highlighted a notable achievement in reducing the country’s debt service ratio from 97% to 68%.
“The economy is undergoing essential reforms aimed at improving sustainability and performance,” Tinubu said. “Addressing fiscal imbalances that have contributed to our economic challenges is critical to securing a stable future.”
This announcement follows previous plans by the Nigerian Senate to investigate the N30 trillion loan, which was initiated under former President Muhammadu Buhari in February 2024.
