…Says Nigeria’s debt service-to-revenue ratio has reduced from 97% to 65%
..urges new ministers to see their work as a call for service
President Bola Tinubu has revealed that his administration is making significant strides in revitalizing Nigeria’s economy, boasting a reduction in the nation’s debt profile from 97% to 65%.
He made this announcement during the swearing-in ceremony for seven new ministers at the State House in Abuja on Monday.
In his address, President Tinubu cited this decrease in debt as a testament to the growing economic stability under his leadership.
He framed the government’s ongoing efforts as a foundation for a prosperous future for subsequent generations.
Recognizing the impact of rising living costs on Nigerian citizens, the President highlighted his administration’s commitment to raising the national minimum wage as part of its strategy to alleviate economic pressures.
He emphasised the importance of re-engineering and retooling the economy to combat these challenges, asserting that the current adjustments are essential for long-term growth.
Tinubu characterized the previous levels of debt servicing as unsustainable, noting that his administration has successfully reduced this burden, enabling Nigeria to fulfill both its foreign and domestic financial obligations without jeopardizing its economic stability.
Despite the backdrop of challenging global economic conditions, exacerbated by the COVID-19 pandemic, Tinubu expressed confidence in Nigeria’s ability to maintain stability and manage resources effectively.
He stated, “Economic recovery is on the horizon. We have a good path to realize our dreams, and it is not just for us; it is for our children and grandchildren to come.”
He acknowledged the difficulties faced by many nations, including advanced economies in Europe and North America, while reaffirming Nigeria’s proactive approach to navigating its recovery. “For us, it was a challenge when the nation was servicing its debt with 97% of its revenue; it was nothing but the end of the cliff. But today, I can report to you that we’ve brought that down to 65%,” he noted.
The President reiterated his administration’s track record of meeting all financial obligations and maintaining fiscal discipline, stating, “We have our head above the water.”
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.
