How Tinubu inherited economic woes from Buhari's government revealed

• President Bola Tinubu has been commended for increasing Nigeria's external reserves to $37 billion in his first 16 months in office
• The president announced the development in his nationwide broadcast on Independence Day on Tuesday, October 1
• Aare Oladotun Hassan, the president of the Yoruba Council Worldwide, in an interview with Legit.ng, said Nigerians should commend the president for the development

Nigerians have been urged to commend President Bola Tinubu for his economic reforms, particularly his announcement of the increase in Nigeria's foreign reserve on Tuesday, October 1, in his Independence Day address.

Aare Oladotun Hassan, the president of the Yoruba Council Worldwide, made the call in an exclusive interview with Legit.ng, while speaking on the economic policies of the present administration.

Tinubu praised for Nigeria's foreign reserve growth Photo Credit: @officialABAT
Source: Twitter

Tinubu announced increase in Nigeria's foreign reserves

President Tinubu announced that the country's foreign reserve has increased to $37 billion during his nationwide broadcast on October 1, marking Nigeria's 64th Independence Day. President Tinubu shared that his administration inherited a reserve of over $33 billion 16 months ago and has since paid back the $7 billion forex backlog.

The President also highlighted his administration's achievements in reducing debt. Specifically, they cleared the ways and means debt of over N30 trillion and decreased the debt service ratio from 97% to 68%. This improvement is attributed to the central bank's disciplined approach to managing monetary policy, which has brought stability and predictability to Nigeria's foreign exchange market.

President Tinubu emphasized that his administration chose to reform the country's economy, opting for progress and prosperity over business-as-usual. As a result, Nigeria has maintained its foreign reserve at $37 billion while continuing to meet its financial obligations.

Yoruba leader commends Tinubu

In his reaction to the president's revelation, Oladotun believes the move is a giant stride that deserves commendation. He said:

"It is quite challenging considering the economic woes the president inherited from previous successful administrations, particularly that of the immediate past President Muhammadu Buhari, who handed over a destabilised economy. "We must commend Mr. President for fixing the economy within six months with $37 billion reserved and having paid for all ways and means. It makes us salute President Tinubu's maverick vision."

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Source: Legit.ng