In a notable financial shift, President Bola Ahmed Tinubu announced that Nigeria’s revenue-to-debt service ratio has improved significantly, decreasing from 97% to 65% in the first 17 months of his administration.
The announcement was made on Monday during the swearing-in of seven new ministers at the State House in Abuja.
President Tinubu highlighted that economic recovery is underway, affirming that his administration is committed to revamping Nigeria’s economy and has consistently met both foreign and domestic financial obligations.
“Economic recovery is on the horizon,” he stated, adding that the reforms are intended to create a stable future for generations to come.
Acknowledging the rising cost of living, the President pointed out that the federal government has implemented a new minimum wage across the board, aiming to support workers amid economic pressures.
He emphasized, “Yes, the cost of living has gone up, but we have met our obligations, including a new minimum wage.”
Tinubu also acknowledged global economic challenges, referencing the COVID-19 pandemic’s impact on economies worldwide.
Despite these challenges, he reassured that his administration is navigating the situation effectively.
“We have kept our head above water while other countries face similar struggles,” he said, underscoring his commitment to guiding Nigeria toward stability and growth.
