On Monday, November 4, President Bola Tinubu reflected on his administration’s progress over the past 17 months, announcing that he has successfully reduced the nation’s debt servicing burden from 97% to 65%.
While discussing his recent fuel subsidy removal policy, Tinubu emphasized his commitment to ending unfair profiteering and smuggling of Nigeria’s resources. He made these comments during the swearing-in ceremony for seven new ministers appointed to help enhance his cabinet’s effectiveness.
Congratulating the new ministers, Tinubu acknowledged the challenges facing the country and encouraged them to stay focused on improving the lives of over 200 million Nigerians. Among those sworn in were Dr. Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, Muhammadu Maigari Dingyadi as Minister of Labour and Employment, and Bianca Odinaka Odumegwu-Ojukwu as Minister of State for Foreign Affairs.
During his speech, Tinubu stated, “The moment is challenging, the present situation calls for a very serious commitment. Yours is a duty to serve, and that’s what you’ve got to do.”
He recognized the hard work of existing ministers and expressed optimism about the country’s growth path. “Economic recovery is on the horizon. We have a good path to realize our dreams, and it is not just for us; it is for our children and grandchildren,” he said.
Addressing the rising cost of living, he noted that his administration had responded by increasing the national minimum wage. “For us, it was a challenge when the nation was servicing its debt with 97% of its revenue, but today I can report to you that we brought that down to 65%,” Tinubu explained. He assured that Nigeria has met all its financial obligations without defaulting.
In his closing remarks, he urged the new ministers to remain resilient in the face of criticism and promised that their efforts would contribute to the nation’s growth and prosperity. “This ship will not sink. God bless you and God bless Nigeria,” he concluded, welcoming them aboard his team.
