BREAKING: Tinubu moves to clear $10bn forex backlog

The Nation Newspaper BREAKING: Tinubu moves to clear $10bn forex backlog

President Bola Tinubu has promised to honour all the foreign exchange obligations that Nigeria has entered into through forward contracts.

However, since February 2023, the CBN has been unable to fulfill its promises and has not provided the businesses with the dollars they were allocated under the forward contracts. As a result, there is now a significant backlog of approximately $3 billion owed to these businesses. This means that the businesses are unable to fulfil their obligations to their foreign suppliers, leading to disruption in the supply chain and potentially damaging their relationships with international partners.

Overall, the CBN’s failure to fulfil its promises has had significant financial consequences for the businesses involved, leading to a backlog of owed payments and disruptions in international trade relationships. This has also negatively impacted the broader economy’s stability, with suspended transactions and a potential decrease in foreign investor confidence.

Tinubu also disclosed that a framework has been established to ensure that the government meets its foreign exchange obligations as stipulated in the contracts. “Where do you expect a civil servant to have N3 million or N5 million for housing without corruption? If you don’t change and plan the welfare of your judiciary and you ask them to be fair, render justice with mercy, with a hungry stomach.

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