President Bola Tinubu says the government has raised the foreign reserves of the nation from $33bn to $37bn and cleared N30tn ways and means debt received from the Central Bank of Nigeria.

He made the disclosure in his Independence Day speech as Nigeria marks its 64th anniversary.

He credited this to the CBN’s disciplined approach to monetary policy management which, he said, ensured stability and predictability in the foreign exchange market.

Tinubu said the milestones were achieved despite the many headwinds Nigeria’s economy had faced since assumed office 16 months ago.

“We inherited a reserve of over $33bn 16 months ago. Since then, we have paid back the inherited forex backlog of $7bn.

“We have cleared the ways and means debt of over N30tn. 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 $37bn. We continue to meet all our obligations and pay our bills,” the President explained.