{"id":136846,"date":"2024-11-04T13:43:22","date_gmt":"2024-11-04T12:43:22","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/how-we-reduced-debt-servicing-profile-from-97-to-65-in-17-months-tinubu"},"modified":"2024-11-04T14:45:25","modified_gmt":"2024-11-04T13:45:25","slug":"how-we-reduced-debt-servicing-profile-from-97-to-65-in-17-months-tinubu","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/how-we-reduced-debt-servicing-profile-from-97-to-65-in-17-months-tinubu","title":{"rendered":"How we reduced debt servicing profile from 97 to 65% in 17 months \u2013 Tinubu"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>President Bola Tinubu on Monday, took a cursory assessment of his administration in the last 17 months, saying he has been able to ramp up funds to reduce the debt servicing burden of the nation from 97 percent to 65 percent.<\/p>\n

Speaking against the backdrop of his subsidy removal policy on fuel, Tinubu said he is focused on ending the reign of undue profiteering and smuggling of our common resources.<\/p>\n

He made these remarks while swearing in seven new ministers recently appointed into his cabinet to boost its functionality.<\/p>\n

Tinubu, while congratulating the new ministers for accepting to serve the country at this challenging time, said they should be ready for abuses and criticisms from Nigerians but must not lose focus on making lives better for over 200 million citizens.<\/p>\n

Among the new ministers sworn in are Dr Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, Muhammadu Maigari Dingyadi as Minister of Labour & Employment, and Bianca Odinaka Odumegwu-Ojukwu as Minister of State for Foreign Affairs.<\/p>\n

Others who took the oath of office at the Presidential Villa Abuja were Jumoke Oduwole as Minister of Industry, Trade, and Investment (Trade and Investment); Idi Mukhtar Maiha as Minister of Livestock Development; Yusuf Abdullahi Ata as Minister of State for Housing and Urban Development; and Dr Suwaiba Said Ahmad as Minister of State for Education.<\/p>\n

While acknowledging existing economic challenges, Tinubu said it accounted for why his administration shored up the national minimum wage.<\/p>\n

He said with the intervention of his administration, he was optimistic the country was on a steady growth path.<\/p>\n

Tinubu\u2019s words, \u201cLet me first of all thank the National Assembly for diligently and expeditiously reviewing and committing themselves to duty on the constitutional assignments of the seven new ministers.<\/p>\n

\u201d I congratulate the newly sworn in 7 ministers. I congratulate you and thank you for accepting to serve this nation.<\/p>\n

\u201cThe moment is challenging, the present situation calls for a very serious commitment, yours is a duty to serve and that\u2019s what you\u2019ve got to do.<\/p>\n

\u201cI really appreciate the fact that you have taken the oath of office and ready to serve your nation at the time we are facing the challenges of economic growth and other items like security challenges and others.<\/p>\n

\u201cIt is not easy to find just the unique people that will surrender their lives, freedoms and other responsibilities to serve their nation anytime in this time of challenges. I am sincerely happy that you have done that and that you are here today to be part of and to be a very committed team of Nigerians who have been working tirelessly since 17 months ago when we assumed the responsibility of governing this country.<\/p>\n

\u201cYou are called upon to join the team to rescue this country. Service is the hallmark of this human endeavour you are being called upon to serve…<\/p>\n

\u201cSince 17 months, I thank many of the ministers that are present here today for the hard work that they have embarked upon tirelessly to put Nigeria on the recovery path.<\/p>\n

\u201cEconomic 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.<\/p>\n

\u201cDespite the challenges to face the job of re-engineering and retooling the economic path of this country.<\/p>\n

\u201cYes cost of living has gone up, I recognise that and we have satisfied the obligation of paying a new minimum wage across the board.<\/p>\n

\u201cFor us it was a challenge when the nation was servicing its debt with 97 percent of its revenue, it\u2019s nothing but the end of the cliff, But today I can report to you that we brought that one down and it is at 65% and we have never defaulted in paying or meeting all obligations both foreign and domestic…<\/p>\n

\u201cWe have our head above the water, all other countries too around us and across the world are facing challenges. In fact there\u2019s a lot of crime in Europe and America.<\/p>\n

\u201cWhat pandemic has brought to the economies of the world but we are navigating through this and we are working hard. You will be part of criticism and abuse, don\u2019t worry stay focused, stay resilient. Your thanks will come with the history of growth and prosperity for this country.<\/p>\n

\u201cIt is my joy and honour to be part of you and to be responsible for over 200 million people in this county. We have taken the bull by the horns. We have stopped the scavengers. We are going to stop completely the profiteers and smugglers of our resources across the country. we are not going to run away from our responsibility, we are going to face it and we have been facing it headlong, with you as a member of this team, I am proud and honoured that I am leading you and we will lead to success and prosperity<\/p>\n

\u201cAll I can say is welcome aboard. This ship will not sink. God bless you and God bless Nigeria\u201d.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. President Bola Tinubu on Monday, took a cursory assessment of his administration in the last 17 months, saying he has been able to ramp up funds to reduce the debt servicing burden of the nation from 97 percent to 65 percent. 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