Tinubu explains how they lowered debt servicing profile from 97% to 65% in 17 months

President Bola Tinubu on Monday, took a cursory assessment of his administration in the last 17 months, saying he has been able to ramp up funds to reduce the debt servicing burden of the nation from 97 percent to 65 percent.

Speaking against the backdrop of his subsidy removal policy on fuel, Tinubu said he is focused on ending the reign of undue profiteering and smuggling of our common resources.

He made these remarks while swearing in seven new ministers recently appointed into his cabinet to boost its functionality.

Tinubu, while congratulating the new ministers for accepting to serve the country at this challenging time, said they should be ready for abuses and criticisms from Nigerians but must not lose focus on making lives better for over 200 million citizens.

Among the new ministers sworn in are Dr Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, Muhammadu Maigari Dingyadi as Minister of Labour & Employment, and Bianca Odinaka Odumegwu-Ojukwu as Minister of State for Foreign Affairs.

Others who took the oath of office at the Presidential Villa Abuja were Jumoke Oduwole as Minister of Industry, Trade, and Investment (Trade and Investment); Idi Mukhtar Maiha as Minister of Livestock Development; Yusuf Abdullahi Ata as Minister of State for Housing and Urban Development; and Dr Suwaiba Said Ahmad as Minister of State for Education.

While acknowledging existing economic challenges, Tinubu said it accounted for why his administration shored up the national minimum wage.

He said with the intervention of his administration, he was optimistic the country was on a steady growth path.

Tinubu’s words, “Let me first of all thank the National Assembly for diligently and expeditiously reviewing and committing themselves to duty on the constitutional assignments of the seven new ministers.

” I congratulate the newly sworn in 7 ministers. I congratulate you and thank you for accepting to serve this nation.

“The moment is challenging, the present situation calls for a very serious commitment, yours is a duty to serve and that’s what you’ve got to do.

“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 other items like security challenges and others.

“It is not easy to find just the unique people that will surrender their lives, freedoms and other responsibilities 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 and to be a very committed team of Nigerians who have been working tirelessly since 17 months ago when we assumed the responsibility of governing this country.

“You are called upon to join the team to rescue this country. Service is the hallmark of this human endeavour you are being called upon to serve …

“Since 17 months, I thank many of the ministers that are present here today for the hard work that they have embarked upon tirelessly to put Nigeria on the recovery path.

“Economic recovery is on the horizon. We have a good path to realise our dreams and it is not just only for us, it is for our children and grandchildren.

“Despite the challenges to face the job of re-engineering and retooling the economic path of this country.

“Yes cost of living has gone up, I recognise that and we have satisfied the obligation of paying a new minimum wage across the board.

“For us it was a challenge when the nation was servicing its debt with 97 percent of its revenue, it’s nothing but the end of the cliff, But today I can report to you that we brought that one down and it is at 65% and we have never defaulted in paying or meeting all obligations both foreign and domestic…

“We have our head above the water, all other countries too around us and across the world are facing challenges. In fact there’s a lot of crime in Europe and America.

“What pandemic has brought to the economies of the world but we are navigating through this and we are working hard. You will be part of criticism and abuse, don’t worry stay focused, stay resilient. Your thanks will come with the history of growth and prosperity for this country.

“It is my joy and honour to be part of you and to be responsible for over 200 million people in this county. We have taken the bull by the horns. We have stopped the scavengers. We are going to stop completely the profiteers and smugglers of our resources across the country. we are not going to run away from our responsibility, we are going to face it and we have been facing it headlong, with you as a member of this team, I am proud and honoured that I am leading you and we will lead to success and prosperity

“All I can say is welcome aboard. This ship will not sink. God bless you and God bless Nigeria”.