President Bola Tinubu has announced that his administration is making notable progress in rejuvenating Nigeria’s economy, reporting a significant decrease in the nation’s debt profile from 97% to 65%.
This declaration came during the swearing-in ceremony of seven new ministers at the State House in Abuja on Monday.
In his speech, President Tinubu presented this reduction in debt as evidence of the increasing economic stability being fostered under his leadership. He framed the government’s ongoing initiatives as laying the groundwork for a prosperous future for generations to come.
Addressing the issue of rising living expenses affecting Nigerians, the President underscored his administration’s pledge to increase the national minimum wage as a key part of its strategy to ease economic burdens.
He stressed the necessity of re-engineering and refining the economy to address these challenges, asserting that the current reforms are vital for sustainable growth in the long run.
Tinubu described the previous levels of debt servicing as untenable, highlighting that his administration has successfully alleviated this strain, allowing Nigeria to meet its international and domestic financial responsibilities without compromising economic stability.
Despite the difficult global economic climate, worsened by the COVID-19 pandemic, Tinubu expressed confidence in Nigeria’s capacity to maintain stability and manage its resources wisely.
“Economic recovery is on the horizon. We have a solid path to achieve our aspirations, not just for ourselves but for our children and grandchildren,” he stated.
He acknowledged the challenges faced by many countries, including developed economies in Europe and North America, while reaffirming Nigeria’s proactive stance in navigating its recovery. “It was a struggle when the nation was dedicating 97% of its revenue to debt servicing; it was a perilous situation. Today, I am pleased to report that we have reduced that to 65%,” he remarked.
The President emphasized his administration’s commitment to fulfilling all financial obligations and maintaining fiscal discipline, affirming, “We are keeping our heads above water.”
