From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu has reacted to the recent dip in sovereign debt servicing from 97% to 65% of government revenue, describing the shift as a sign of the nation’s economic revival.
Speaking at the swearing-in ceremony of seven new ministers in Abuja on Monday, Tinubu declared war on looters, assuring that strategic efforts would be made to insulate the nation’s resources from pilferage. He also highlighted the critical role these officials will play in steering Nigeria through its economic challenges, accentuating the importance of their dedication and vision in this pivotal period.
Tinubu, while stating the critical nature of the country’s fiscal situation, recalled that the country’s debt servicing once consumed 97% of government revenue.
“For us, it was a challenge when the nation was servicing its debt with 97 percent of its revenue; it was nothing but the end of the cliff,” he stated.
He announced that this ratio has now been reduced to 65 percent, emphasising that Nigeria has never defaulted on its obligations, both foreign and domestic. “We have our head above water,” he declared.
President Tinubu expressed optimism about Nigeria’s economic recovery, stating, “Economic recovery is on the horizon. We are on a good path to realize our dreams, not just for us, but for our children and grandchildren.”
He acknowledged the significant challenges ahead as the government works to re-engineer and retool the nation’s economic framework.
While recognising the rising cost of living, Tinubu assured that his administration has fulfilled its commitment to implement a new minimum wage across the board. “Yes, the cost of living has gone up, but we have satisfied the obligation of paying a new minimum wage,” he said. Despite global economic challenges affecting many nations, including rising crime rates in Europe and America due to pandemic-related disruptions, Tinubu urged resilience among citizens.
He reassured them that their efforts would contribute to a history of growth and prosperity for Nigeria.
Tinubu also underscored his commitment to tackling corruption and resource mismanagement.
“We have taken the bull by the horns. We have stopped the scavengers and will completely eliminate the profiteers and smugglers of our resources across the country,” he asserted.
He emphasised that his administration would not shy away from its responsibilities but would confront them head-on.
Tinubu while congratulating the seven newly sworn-in ministers, emphasised the critical role they will play in addressing the nation’s pressing challenges.
He underscored the gravity of the current situation, urging the new appointees to embrace their responsibilities with seriousness.
The President highlighted the unique nature of public service, noting that it is not easy to find individuals willing to dedicate their lives and freedoms to serve during difficult times.
Tinubu called on the new ministers to join his administration’s efforts in addressing Nigeria’s pressing challenges.
He expressed appreciation for the hard work of existing ministers, stating, “Since 17 months ago, I thank many of the ministers present here today for their tireless efforts in putting Nigeria on the recovery path.”