President Bola Tinubu has revealed that his administration is making significant strides in revitalizing Nigeria’s economy, boasting a reduction in the nation’s debt profile from 97% to 65%.
He made this announcement during the swearing-in ceremony for seven new ministers at the State House in Abuja on Monday.
In his address, President Tinubu cited this decrease in debt as a testament to the growing economic stability under his leadership.
He framed the government’s ongoing efforts as a foundation for a prosperous future for subsequent generations.
Recognizing the impact of rising living costs on Nigerian citizens, the President highlighted his administration’s commitment to raising the national minimum wage as part of its strategy to alleviate economic pressures.
He emphasised the importance of re-engineering and retooling the economy to combat these challenges, asserting that the current adjustments are essential for long-term growth.
Tinubu characterized the previous levels of debt servicing as unsustainable, noting that his administration has successfully reduced this burden, enabling Nigeria to fulfill both its foreign and domestic financial obligations without jeopardizing its economic stability.
Despite the backdrop of challenging global economic conditions, exacerbated by the COVID-19 pandemic, Tinubu expressed confidence in Nigeria’s ability to maintain stability and manage resources effectively.
He stated, “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 to come.”
He acknowledged the difficulties faced by many nations, including advanced economies in Europe and North America, while reaffirming Nigeria’s proactive approach to navigating its recovery. “For us, it was a challenge when the nation was servicing its debt with 97% of its revenue; it was nothing but the end of the cliff. But today, I can report to you that we’ve brought that down to 65%,” he noted.
The President reiterated his administration’s track record of meeting all financial obligations and maintaining fiscal discipline, stating, “We have our head above the water.”
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