By Jemimah Wellington, JKNewsMedia Reporter
MARKING A notable improvement from the previous 68% reported on Independence Day, Nigeria’s debt servicing to revenue ratio has reduced to 65%.
President Bola Tinubu revealed this during the swearing-in ceremony of seven new ministers at the State House in Abuja.
The President highlighted the country’s economic progress, acknowledging the hardships Nigerians face due to the rising cost of living.
He assured that his administration remains committed to economic restructuring, stating, “We have never defaulted in paying or meeting all our obligations, both foreign and domestic. We have our head above the water.”
He also called on the ministers to brace for public scrutiny, underscoring their duty to over 200 million Nigerians.
He encouraged them to embrace resilience and dedication, adding, “You will be part of criticism and abuse, but stay focused. History will thank you as builders of Nigeria’s growth and prosperity.”
Tinubu reminded the ministers of the sacrifices they would need to make, highlighting the complexity of challenges ahead.
He stressed that their dedication will be critical in advancing Nigeria’s economic recovery, tackling security issues, and reining in profiteers and smugglers exploiting national resources.
In closing, the President praised the existing cabinet for their commitment, attributing the nation’s gradual recovery to their hard work.
“You are called upon to join the team to rescue this country,” he said, reiterating that service remains the core principle guiding their roles.
