President Tinubu Claims 32% Drop in Revenue-to-Debt Ratio, Highlights Economic Progress
President Bola Ahmed Tinubu has revealed that, under his administration, Nigeria’s revenue-to-debt service ratio has significantly decreased from 97% to 65% in the past 17 months. This announcement was made during the swearing-in ceremony of seven newly appointed ministers at the State House in Abuja on Monday.
Acknowledging the nation’s financial journey, President Tinubu assured Nigerians of steady economic improvement, despite the challenges involved in restructuring the country’s economic trajectory. He stressed that his government has consistently met all domestic and foreign financial obligations, a key indicator of fiscal stability.
“Economic recovery is on the horizon. We have a good path to realize our dreams, and it is not just for us; it is for our children and grandchildren despite the challenges to re-engineer and retool the economic path of this country,” the President stated.
Addressing the cost-of-living crisis, President Tinubu noted the administration’s commitment to implementing a new minimum wage across all sectors, acknowledging the pressures on citizens. “Yes, the cost of living has gone up, I recognize that, and we have satisfied the obligation of paying a new minimum wage across the board.”
The President also remarked on the improved fiscal management, stating, “For us, it was a challenge when the nation was servicing its debt with 97% of its revenue, but today I can report to you that we brought that down to 65%, and we have never defaulted in meeting all obligations, both foreign and domestic.”
Drawing a comparison to global economic challenges, President Tinubu expressed confidence in the administration’s handling of the economy amid global disruptions caused by the pandemic. “We have our head above water. Other countries, both around us and globally, are also facing challenges. In fact, there’s a lot of crime in Europe and America,” he remarked.
As the administration continues its economic reforms, President Tinubu reiterated his determination to steer the nation toward sustainable growth, emphasizing resilience in the face of the global economic strain.
