Nigeria’s debt service-to-revenue ratio has reduced from 97% to 65% – Tinubu

President Bola Ahmed Tinubu has said debt service-to-revenue ratio of Nigeria has dropped from 97 per cent to 65 per cent.

The president stated this Monday during the swearing-in ceremony for seven new ministers in Abuja.

While describing the development as a positive indicator of the country’s economic recovery, he said Nigeria has consistently met its foreign and domestic obligations.

“For us, it was a challenge when the nation was servicing its debt with 97 per cent of its revenue; it was nothing but the end of the cliff,” he added that now “We have our head above water. Economic recovery is on the horizon. We are on a good path to realise our dreams, not just for us, but for our children and grandchildren.”

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He urged citizens to remain resilient in light of global economic difficulties impacting various countries, including increased crime rates in Europe and America due to pandemic-related disruptions.

President Tinubu, who said he would not run away from its responsibilities and that “This ship will not sink” in spite of the prevailing situation in the country, also vowed to clamp down and stop “profiteers and smugglers of our resources across the country.”

The president, who congratulated the new ministers for joining the team to rescue Nigeria, charged them not to worry about criticism and abuse, saying, “Your thanks will come with the history of growth and prosperity for this country.”