By Egbu Onwu Linus, JKNewsMedia Reporter, Benue State
NIGERIA’s REVENUE-to-debt service ratio has significantly dropped from 97% to 65% since President Bola Tinubu took office 17 months ago.
The President highlighted this reduction on Monday during the swearing-in ceremony of seven new ministers at the State House in Abuja, noting that this accomplishment signals positive economic recovery for the nation.
Tinubu emphasized that his administration has consistently met both foreign and domestic obligations without default, underscoring a firm commitment to economic restructuring.
Despite the rising cost of living, Tinubu noted that the federal government has implemented a new minimum wage across the board, aiming to provide some relief to Nigerians facing inflationary pressures.
Addressing the broader economic context, Tinubu acknowledged that many countries are experiencing similar challenges.
He referenced the ongoing effects of the COVID-19 pandemic, which disrupted economies globally.
Tinubu affirmed that Nigeria, like other nations, is navigating these obstacles, but assured that the government’s economic restructuring policies are designed to secure long-term stability.
The President stressed that the efforts to retool and re-engineer Nigeria’s economy are ultimately for the benefit of future generations, a mission his administration is committed to despite the demanding tasks ahead.
He stated, “We have a good path to realize our dreams, not just for ourselves but for our children and grandchildren.”
Tinubu also pointed to high crime rates affecting Europe and America, stressing that economic difficulties are not unique to Nigeria.
“We have our head above water,” he said, asserting his administration’s proactive stance in steering Nigeria through these times.
He also said that this comprehensive economic approach aims not only to strengthen Nigeria’s immediate fiscal stability but also to set a foundation for sustainable growth, laying the groundwork for a resilient economy poised to benefit future generations.
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