Tinubu: Nigeria’s debt service-to-revenue ratio has reduced from 97% to 65%

President Bola Tinubu says Nigeria’s debt service-to-revenue ratio has reduced from 97 percent to 65 percent.

Speaking on Monday during the swearing-in ceremony for seven new ministers in Abuja, Tinubu described the development as a positive indicator of the nation’s economic recovery.

“For us, it was a challenge when the nation was servicing its debt with 97 percent of its revenue; it was nothing but the end of the cliff,” the president said.

He announced that the debt servicing ratio is now at 65 percent, noting that Nigeria has consistently met its foreign and domestic obligations.

“We have our head above water. Economic recovery is on the horizon. We are on a good path to realise our dreams, not just for us, but for our children and grandchildren,” Tinubu added.

The president acknowledged the challenges that lie ahead as the government undertakes efforts to reshape and revamp the country’s economic framework.

While recognising the rising cost of living, Tinubu assured that his administration has fulfilled its commitment to implementing a new minimum wage across all sectors.

Tinubu encouraged citizens to remain resilient in light of global economic difficulties impacting various countries, including increased crime rates in Europe and America due to pandemic-related disruptions.

The president also expressed appreciation to the national assembly for their prompt confirmation of the ministers, acknowledging their commitment to fulfilling their constitutional responsibilities.

‘NEWLY APPOINTED MINISTERS VITAL TO TACKLE NIGERIA’S URGENT ISSUES’

While congratulating the seven newly appointed ministers, Tinubu stressed the vital role they would play in tackling the nation’s urgent issues, underscoring the significance of their dedication to public service during difficult times.

He emphasised the seriousness of the current situation and urged the new appointees to approach their responsibilities with earnestness, noting that the challenges ahead require a strong commitment to serve.

The president stressed the distinctive nature of public service, adding that it is rare to find individuals willing to devote their lives and freedoms to serve during difficult times.

“I really appreciate the fact that you have taken the oath of office and ready to serve your nation at the time we are facing the challenges of economic growth and others like security challenges and others,” Tinubu said

“It is not easy to find just the unique people that will surrender their life, freedoms and other responsibility to serve their nation anytime in this time of challenges.

“I am sincerely happy that you have done that and that you are here today to be part of a very committed team of Nigerians who have been working tirelessly since 17 months ago that we assumed the responsibility of governing this country.”

TINUBU URGES MINISTERS TO WORK TOGETHER IN ADDRESSING NIGERIA’S CHALLENGES 

Tinubu urged the new ministers to collaborate with his administration in tackling Nigeria’s urgent challenges, stressing the importance of service in overcoming obstacles.

He also expressed gratitude for the dedication of the current ministers, acknowledging their tireless work over the past 17 months in helping to set Nigeria on a path to recovery.

The new ministers sworn in are Nentawe Yilwatda, minister of humanitarian affairs and poverty reduction; Muhammadu Maigari Dingyadi, minister of labour and employment; and Bianca Odumegwu-Ojukwu, minister of state for foreign affairs; and Jumoke Oduwole, minister of industry, trade, and investment.

Others include Idi Mukhtar Maiha, minister of livestock development; Yusuf Abdullahi Ata, minister of state for housing and urban development; and Suwaiba Said Ahmad, minister of state for education.