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We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu (12013 Views)

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We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by BeeBeeOoh(m): 2:34pm On Oct 01
President Bola Tinubu says the federal government has cleared over N30 trillion in ways and means advances.

Tinubu spoke on Tuesday while addressing the nation to commemorate the country’s 64th Independence Day.

Ways and means is a loan facility through which the Central Bank of Nigeria (CBN) provides short-term financing to cover the federal government’s budget shortfalls.

On May 3, 2023, the senate approved the securitisation of the N22.7 trillion loan request made by former President Muhammadu Buhari.

In December of the same year, the national assembly approved President Bola Tinubu’s request for the securitisation of outstanding N7.3 trillion ways and means debt balance.

In the first quarter (Q1) of 2024, the country’s public debt increased to N121.67 trillion.

According to the Debt Management Office (DMO), the rise in Nigeria’s public debt stock is partly due to new borrowing, as well as ways and means securitisation.

Wale Edun, minister of finance, had also said the federal government is not relying on ways and means to fund external debt service or other liabilities.

Also, while giving his speech, Tinubu said there has been a gradual reduction in the debt service ratio by about 29 percent.

“We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent,” the president said.

According to Tinubu, his administration has also been able to pay bills, clear the foreign exchange (FX) backlog of $7 billion his government inherited and raise Nigeria’s foreign reserves to $37 billion, despite inheriting over $33 billion foreign reserves 16 months ago.

He said the country is gradually leaving the fiscal imbalances such as huge debt-to-GDP ratio.

‘ECONOMY UNDERGOING NECESSARY REFORMS’

Tinubu said the economy is undergoing the necessary reforms and retooling to serve the country 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,” the president said.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.

“The move will create vibrancy and increase oil and gas production, positively impacting our economy.

“The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.”

He said the country is moving ahead with fiscal policy reforms such as the approval of the economic stabilisation bills.

Tinubu said the economic stabilisation bills will make Nigeria’s business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.

https://www.thecable.ng/weve-cleared-ways-and-means-debt-of-over-n30trn-says-tinubu/amp/

17 Likes 4 Shares

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by ActiveFarms: 2:39pm On Oct 01
Lies

51 Likes 3 Shares

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by CyrusVI(m): 2:39pm On Oct 01
cheesy

That was a whole lot

Economic reforms made it possible to generate enough to pay this

Now that that one is gone, it will be easy to roll out bigger initiatives that can help to relief the pains from last year

Not even Marcus Aurelius would have done any better

53 Likes 4 Shares

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by CyrusVI(m): 2:40pm On Oct 01
ActiveFarms:
Lies
cheesy

Kalu, You mean, I should believe you over the President?

No stats, no figures, no proofs, just the usual empty negative comments

54 Likes 2 Shares

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by commoditiesnig: 2:42pm On Oct 01
Good one

11 Likes 1 Share

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by ActiveFarms: 2:43pm On Oct 01
CyrusVI:
cheesy

Kalu, You mean, I should believe you over the President?

No stats, no figures, no proofs, just the usual empty negative comments





You should have asked your president for what you are asking me. Half wit

93 Likes 6 Shares

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by 9jatriot(m): 2:45pm On Oct 01
The whole content is just good news, not just the headline.

Small small we will get there.

23 Likes 3 Shares

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by ActiveFarms: 2:46pm On Oct 01
9jatriot:
The whole content is just good news, not just the headline.

Small small we will get there.


When would Nigerians youths develop strong critical analytical, reasoning and thinking skills. When ? You mean to say once government releases any info, you take it hook, line and sinker without any critical evaluation just because of your ethnocentrism and bigotry. Smh. Shame on your education, a cocoa farm would have yielded better rewards . How can you read financial news without financial stats and proofs and you absorb it hook, line and sinker. Does Nigeria in any way have the means to generate extra One trillion Naira to the national budget let alone 30 Trillion Naira? Use your sense man. You can't keep delegating your education to us


Now to educate you, Ways and Means was converted to bonds, transferring the debt burden to Nigerian youths to bear the burden yet again for so many years in addition to existing loans by converting them to bonds doesn't mean it was repaid


Where and how does Nigeria have the means to repay 30 Trillion Naira overnight. Do you people hate yourselves so badly all because of bigotry. Tueh



Now if the Ways and Means where cleared the first thing to have done was not to take loans but to bring back rationalized subsidy. Meaning subsidize like a quota per day now that we have approximate measurement of the fuel we consume. Subscidize fuel for two years. Use that two years to build twenty modular refineries. Grant small scale refineries setups and have fifty refineries in two years. Then peg the dollar to Naira to 1,000 Naira exchange rate over the two years period using Ways and Means to peg against the exchange rate.


This would instantly drop the prices of things by at least 100%. When we ask you people to support we mentally sound people to places we will make better decisions for you guys, you would refuse. Nigeria only needs sound intellectual management which your leaders lack and followers like you too

87 Likes 9 Shares

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by id4sho(m): 2:48pm On Oct 01
tongue
Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Nwaokunkpara: 2:49pm On Oct 01
Someone should explain this so that I can understand what the old man mean

3 Likes

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by OChimex: 2:49pm On Oct 01
Mumu liar. How can an old man be lying like a kid? Does he think the reality won't counter his lies?
Why is Tinibu this stupid?
So this is his master strategy? Lie in the face of glaring evidence?

24 Likes 1 Share

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Klington: 2:49pm On Oct 01
tongue

Usually yarning dust for his gullible imbecilic senseless followers to have useless orgasm.

7 Likes 1 Share

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Okpokpo09: 2:49pm On Oct 01
Stupid idiot talking trash like a mugu with no sense at all

14 Likes 1 Share

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by datola: 2:49pm On Oct 01
Next?
Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Softmirror: 2:49pm On Oct 01
ActiveFarms:



When would Nigerians youths develop strong thinking ethics. When ? You mean to say once government releases any info, you take it hook, line and sinker without any critical evaluation just because of your ethnocentrism and bigotry. Smh. Shame on your education, a cocoa farm would have yielded better rewards

Lol 😆 what is stopping you?! Are you just sad or bitter?!

24 Likes 2 Shares

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Okpokpo09: 2:49pm On Oct 01
Yuroba government

4 Likes

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by iampeterben(m): 2:49pm On Oct 01
It's well oh!
Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by CooldipoMPS: 2:50pm On Oct 01
shocked
Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Skoonheid(f): 2:50pm On Oct 01
Believe this geriatric liar at your own peril.

5 Likes 2 Shares

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by rookidmart: 2:50pm On Oct 01
Was not cleared, just securitized at 9%.

6 Likes

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by olatade(m): 2:50pm On Oct 01
That is why the looting will continue to get worse cause there's no citizen's accountability. We are too quiet and docile. No anger, no outrage, no protests!!

4 Likes 1 Share

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Antell95(m): 2:50pm On Oct 01
With this information below, I have done more than your president so far.

Don't Sleep 😴 on this 👇

https://www.nairaland.com/8226771/weltrade-synthetic-poised-dislodge-deriv
Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Brushstrokes20: 2:50pm On Oct 01
Usual bullocks! 💯💯💯
If you ain't a crook and COWARD , why not arrest, jail and RETRIEVE the ways and means from your FELLOW THIEVES ... Rather than subject innocent citizens to unwarranted hardship.
# eBOLA is all shades nuisance ✅✅

2 Likes 1 Share

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by tutudesz: 2:50pm On Oct 01
undecided
Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Vawulence120: 2:51pm On Oct 01
T-pain is paining us to much

4 Likes

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by SlavaUkraini: 2:51pm On Oct 01
G
Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Bubu4Sea: 2:51pm On Oct 01
This druglord wan pocket nija like Lagos

1 Like

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by HIGHESTPOPORI(m): 2:51pm On Oct 01
Did you tell us when you acquire the debt? How we wan take know if it has been cleared or not

1 Like

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by GeneralPula: 2:51pm On Oct 01
Nice one..
Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by fineboynl(m): 2:52pm On Oct 01
.this man is empty and the people around him are even worst off. Sadly he will rig the 2027 election and nothing would happens because we don’t have good institutions and the military elite are so corrupt. Its the only reason tinubu is till there. He sold the country out and sadly tinubu is the last president this country nigeria will produce again. Mark this.

The country have reaches it limits.

Tinubu will break/ cut to size/ restructure the country before leaving office. Start preparing for a new future ahead

2 Likes

Re: We’ve Cleared Ways And Means Debt Of Over ₦‎30 Trillion - Tinubu by Godwin4444: 2:52pm On Oct 01
ActiveFarms:



When would Nigerians youths develop strong thinking ethics. When ? You mean to say once government releases any info, you take it hook, line and sinker without any critical evaluation just because of your ethnocentrism and bigotry. Smh. Shame on your education, a cocoa farm would have yielded better rewards
same way some Nigerian youths believe the one they cursed in Anambra can suddenly become d Messiah overnight n b d best thing for Nigeria

7 Likes 1 Share

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