- President Tinubu announced Nigeria’s debt service-to-revenue ratio has improved from 97% to 65%, signaling progress in economic recovery
- He emphasized the importance of resilience amid global challenges, assuring that his administration remains committed to addressing Nigeria’s economic issues
President Bola Ahmed Tinubu has announced that Nigeria’s debt service-to-revenue ratio has decreased significantly from 97% to 65%. He made this statement during the swearing-in ceremony of seven new ministers in Abuja on Monday.
Describing the improvement as a positive sign of Nigeria’s economic recovery, Tinubu noted that it has consistently met its foreign and domestic financial obligations.
He remarked, “For us, it was a challenge when the nation was servicing its debt with 97% of its revenue; it was like standing at the edge of a cliff. Now, we have our head above water.
Economic recovery is on the horizon, and we are on a solid path towards achieving our dreams—not only for us but for our children and grandchildren.”
He also encouraged Nigerians to remain resilient amidst global economic challenges affecting many countries, including an uptick in crime in Europe and America attributed to pandemic-related disruptions.
Reaffirming his commitment to addressing the country’s challenges, Tinubu stated, “This ship will not sink,” and pledged to take firm action against “profiteers and smugglers of our resources across the country.”
Congratulating the new ministers on joining the team to rebuild Nigeria, he advised them not to be discouraged by criticism, stating, “Your thanks will come through the history of growth and prosperity for this country.”
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