Tinubu Reduces Debt Servicing to 65% Amid Economic Challenges

In a significant assessment of his administration’s achievements over the past 17 months, President Bola Tinubu announced on Monday that his government has successfully reduced the nation’s debt servicing profile from a staggering 97 percent to 65 percent.

This reduction comes in the wake of his controversial fuel subsidy removal policy, which he believes is essential for curbing profiteering and resource smuggling in Nigeria.

During a ceremony at the Presidential Villa in Abuja, where he swore in seven newly appointed ministers, Tinubu emphasized the urgent need for dedicated public service during these challenging times.

“You are called upon to join the team to rescue this country. Service is the hallmark of this human endeavour,” he stated.

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The new ministers, including Dr. Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, and Bianca Odinaka Odumegwu-Ojukwu as Minister of State for Foreign Affairs, were urged to remain focused despite potential criticism.

“You will be part of criticism and abuse, don’t worry, stay focused, stay resilient,” Tinubu said, expressing confidence that their contributions would lead to growth and prosperity.

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Acknowledging the current economic hardships faced by Nigerians, he noted, “Yes, the cost of living has gone up… but we have satisfied the obligation of paying a new minimum wage across the board.”

He reiterated his administration’s commitment to economic recovery, asserting that Nigeria is on a promising path despite global challenges.

Reflecting on the importance of governance during difficult times, Tinubu added, “We have our head above the water… We have stopped the scavengers. We are going to stop completely the profiteers and smugglers of our resources across the country.”

He added by welcoming the new ministers aboard, stating, “This ship will not sink. God bless you and God bless Nigeria.”