How Nigeria’s debt service-to-revenue ratio dropped to 65% in 17 months — Tinubu
…Welcomes new ministers, urges collaboration in tackling challenges
…Describes previous debt ratio as “end of the cliff,” vows to eradicate scavenging, smuggling
By Seun Ibiyemi
President Bola Tinubu provided a brief evaluation of his administration’s performance over the past 17 months on Monday, noting that he has successfully increased funding to lower the nation’s debt servicing burden from 97 percent to 65 percent.
Speaking during the swearing-in ceremony for seven new ministers in Abuja on Monday, Tinubu described the previous ratio as unsustainable, noting, “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 expressed optimism about the future, stating, “We have our head above water. Economic recovery is on the horizon.”
He emphasised that Nigeria has consistently met its domestic and foreign obligations, a sign of progress under his administration.
Tinubu acknowledged the ongoing challenges, including rising living costs, but reassured citizens that the government is committed to implementing a new minimum wage across all sectors.
He encouraged resilience among the populace, highlighting global economic difficulties affecting many countries.
In his remarks, Tinubu welcomed the newly appointed ministers, stressing their crucial role in addressing pressing national issues.
“It is not easy to find just the unique people that will surrender their life, freedoms, and other responsibilities to serve their nation at this time,” he stated.
The President said, “We have taken the bull by the horns. We have stopped the scavengers. We will fully put an end to the profiteers and smugglers of our resources across the country.
“We are not shirking our responsibility; we are confronting it head-on.
“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.”
He added, “Despite the challenges, we must undertake the job of re-engineering and retooling this country’s economic path.
“Yes, the cost of living has risen. I acknowledge that. We have fulfilled our obligation of paying a new minimum wage across the board diligently, we are navigating through this and working diligently.”
…Tells Ministers to work harder towards ‘Renewed Hope’
Furthermore, President Tinubu called on his new ministers to enhance their efforts in addressing Nigeria’s pressing challenges, highlighting the crucial role of service in overcoming these hurdles.
He also expressed appreciation for the commitment shown by the existing ministers, recognising their hard work over the past 17 months in guiding Nigeria towards recovery.
The newly sworn-in ministers include Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction; Muhammadu Maigari Dingyadi as Minister of Labour and Employment; Bianca Odumegwu-Ojukwu as Minister of State for Foreign Affairs; and Jumoke Oduwole as Minister of Industry, Trade, and Investment.
Additional appointments include Idi Mukhtar Maiha as Minister of Livestock Development; Yusuf Abdullahi Ata as Minister of State for Housing and Urban Development; and Suwaiba Said Ahmad as Minister of State for Education.
