President Tinubu Tackles Debt Burden, Brings Down Debt Servicing Profile to 65% in 17 Months

P

resident Bola Tinubu outlined the strides his administration has made over the past 17 months, particularly highlighting a substantial reduction in the nation's debt servicing burden.

Originally consuming 97% of the country's revenue, this figure has been brought down to 65%, a move aimed at providing more fiscal flexibility to address pressing national issues.

Speaking during the swearing-in ceremony of seven new ministers, President Tinubu emphasized the importance of resilience and focus amidst ongoing economic and security challenges.

"For us, it was a challenge when the nation was servicing its debt with 97 percent of its revenue," he stated. "But today I can report to you that we brought that one down and it is at 65%."

The newly appointed ministers, including Dr. Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, Muhammadu Maigari Dingyadi as Minister of Labour & Employment, and Bianca Odinaka Odumegwu-Ojukwu as Minister of State for Foreign Affairs, are tasked with improving the lives of Nigeria's over 200 million citizens.

This strategic reshuffle aims to tackle key issues such as poverty reduction and employment.

Acknowledging the economic hardships faced by many Nigerians, Tinubu noted, "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."

He urged the new ministers to remain steadfast despite potential criticisms, assuring them that their efforts would contribute to a history of growth and prosperity for the country.

President Tinubu concluded with a call to action, stating, "We have taken the bull by the horns. We have stopped the scavengers. We are going to stop completely the profiteers and smugglers of our resources across the country."

His administration's focus on reducing undue profiteering and smuggling is part of a broader effort to stabilize and grow Nigeria's economy.