President Bola Tinubu revealed a significant improvement in Nigeria’s debt service-to-revenue ratio, which has dropped from 97 percent to 65 percent. He made the announcement on Monday during the swearing-in ceremony for seven new ministers in Abuja, calling it a “positive indicator” of the nation’s ongoing economic recovery.

“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,” President Tinubu stated, reflecting on the severity of the economic situation faced by the administration.

He announced that the debt servicing ratio now stands at 65 percent, underscoring Nigeria’s ability to meet both foreign and domestic financial obligations consistently. “We have our head above water. Economic recovery is on the horizon,” Tinubu said, adding that the government’s reforms are aimed at securing a prosperous future for the next generations.

While acknowledging the challenges Nigerians face due to the rising cost of living, Tinubu reassured citizens of his administration’s commitment to implementing a new minimum wage across all sectors. He urged Nigerians to stay resilient amid global economic challenges, which have led to rising crime rates and economic difficulties in regions like Europe and America due to pandemic-related disruptions.

The president also extended his appreciation to the national assembly for its swift confirmation of the new ministers, commending the legislative body for its dedication to its constitutional role. The administration, he noted, is committed to reshaping Nigeria’s economic framework to ensure sustainable growth and prosperity for all.