On Monday, President Bola Tinubu shared that Nigeria’s debt service-to-revenue ratio has dropped from 97% to 65%. This change is viewed as a good sign for the country’s economic improvement. During the ceremony where seven new ministers were sworn in, Tinubu mentioned that it was a tough time when 97% of the country’s income was used to pay off debts, calling it “the edge of a dangerous situation.”
Tinubu also pointed out that Nigeria has been successfully meeting its financial commitments both at home and abroad.
He said, “We are doing well. Economic recovery is coming. We are moving in the right direction to achieve our goals, not just for us, but for our future generations.”
The president also acknowledged the increasing cost of living and assured that his government has introduced a new minimum wage for all sectors. He urged citizens to stay strong during global economic challenges and thanked the national assembly for quickly approving the new ministers.
