President Tinubu Vows To Clear $10bn Forex Backlog

President Bola Tinubu has pledged to honor all foreign exchange obligations that Nigeria has entered into through forward contracts, which were agreements initiated by the Central Bank of Nigeria (CBN) to provide businesses with fixed amounts of dollars at predetermined prices in the future.

VerseNews understands that CBN has been unable to fulfill its promises under these forward contracts since February 2023, leading to a backlog of approximately $3 billion owed to businesses and a similar backlog of approximately $10 billion owed to foreign investors.

The CBN’s failure to meet its commitments has disrupted international trade relationships, impacted foreign investor confidence, and forced the suspension of various transactions, causing financial difficulties for individuals.

Speaking at the ongoing Nigeria Economic Summit #NES29 in Abuja on Monday, the President assured that Nigeria will honour all future foreign exchange contracts.

“All foreign exchange future contracts will be honoured by this government. We have a line of sight to the foreign exchange we need to refloat this economy. And we will get it,” Tinubu said.

President Tinubu announced that the government will uphold the sanctity of legitimate contracts, including all forward contracts, and has established a framework to ensure these obligations are met.

Tinubu emphasized the importance of consumer credit, announced a new student loan program, and expressed the government’s commitment to building affordable homes at a record pace.

He also outlined ambitious economic goals, aiming to achieve a $1 trillion economy by 2026 and $3 trillion within the decade, with a strong focus on public-private partnerships and infrastructure development.