President Bola Ahmed Tinubu announced on Monday that Nigeria’s debt service-to-revenue ratio has significantly decreased, dropping from 97 percent to 65 percent. Speaking at the swearing-in ceremony of seven newly appointed ministers in Abuja, Tinubu described this reduction as a positive signal of economic recovery, emphasizing that Nigeria has continued to meet both its foreign and domestic obligations.
Reflecting on the previous financial strain, Tinubu remarked, “It was a challenge when nearly all our revenue went towards servicing debt—almost the end of the cliff. But now, we have our head above water. Economic recovery is on the horizon, and we are on a promising path, not just for us but for future generations.”
The President encouraged Nigerians to remain resilient amid global economic challenges affecting countries worldwide, with Tinubu noting increased crime rates in Europe and America linked to pandemic-induced disruptions. He reassured the nation, stating, “We won’t abandon our responsibilities. This ship will not sink.”
Addressing issues of resource management, Tinubu vowed to crack down on profiteers and smugglers undermining the country’s resources. He further congratulated the new ministers for joining the administration’s mission to advance Nigeria, urging them to stay focused in the face of criticism. “Your gratitude will be seen in Nigeria’s growth and prosperity, one that history will remember,” he added.
