Tinubu declares economic turnaround, highlights drop in debt profile
President Bola Ahmed Tinubu on Monday announced that his administration is making strides in turning the nation’s economy around with a substantial decrease in debt profile from 97% to 65%.
Tinubu disclosed this in his speech at the swearing in ceremony of seven new Ministers at the Council Chambers of the State House, Abuja.
The President cited the figure as evidence of a growing economic stability, positioning the government’s efforts as a means to secure a prosperous future for generations to come.
Acknowledging the toll of rising costs on Nigerians, Tinubu emphasised that his administration has met its obligations to increase the national minimum wage, aiming to alleviate some of the economic strain.
He underscored the efforts to re-engineer and retool the economy to address these pressures, positioning the current financial recalibrations as the necessary groundwork for long-term growth.
Tinubu highlighted the urgency of debt management, describing the previous debt service burden as unsustainable.
Under his administration, he noted, the country has managed to reduce its burden of debt servicing, ensuring it can meet both foreign and domestic obligations without risking financial collapse. Related News
Despite challenging global economic conditions, Tinubu emphasised that Nigeria is maintaining stability and managing its resources wisely to stay “above the water.”
The President acknowledged that the global economic downturn, exacerbated by the COVID-19 pandemic, has left many nations struggling, noting that even advanced economies in Europe and North America are facing their own fiscal challenges.
In this difficult environment, he emphasised, Nigeria is actively navigating its own recovery path, setting a steady course through turbulent global waters.
“Economic recovery is on the horizon. We have a good path to realise our dreams and it is not just only for us, it is for our children and grandchildren to come. Despite the challenges, we face the job of re-engineering and retooling the economic path of this country.
“Yes, cost of living has gone up, I recognise that and we have satisfied the obligations of paying a new minimum wage across the board.
“For us it was a challenge when the nation was servicing its debt with 97% of its revenue, it’s nothing but end of the cliff, but today I can report to you that we’ve brought that one down and it is at 65%. We have never defaulted in paying or meet all our obligations, both foreign and domestic. We have our head above the water.
“All other countries too, around us and across the world, are facing challenges. In fact, there’s a lot of cries in Europe and America, what pandemic has brought to the economies of the world, but we have navigated through this and we are working hard,” the President said.
