Nigeria’s Debt Service Ratio Drops From 97% To 65%

President Bola Ahmed Tinubu says in the 17 months of his administration, Nigeria’s revenue-to-debt service ratio has reduced to 65% from 97%.

President Tinubu made this known on Monday in his address during the swearing in ceremony of seven newly appointed Ministers, held at the Council Chambers of the State House, Abuja.

The President who affirmed that the Nigerian economy is on the horizon despite the enormous task of re-engineering and re-tooling the economy of the nation, added that his administration has never defaulted in paying or meeting both foreign and domestic obligations.

“Economic 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 despite the challenges to face the job of re-engineering and retooling the economic path of this country,” the president stated.

The Nigerian Leader acknowledged the increasing cost of living while emphasizing that the federal government is currently satisfying the obligation of paying a new minimum wage across the board.

“Yes, cost of living is gone up, I recognise that and we have satisfied the obligation of paying a new minimum wage across the board.

“For us it was a challenge when the nation was servicing its debt with 97 percent of its revenue, but today I can report to you that we brought that one down and it is at to 65% and we have never defaulted in paying or meet all obligations but foreign and domestic,” he said.

Referencing challenges confronting other countries of the world, the Nigerian Leader asserted the firm control of his administration, saying the Nigerian government under his supervision is working hard and navigating the several difficulties posed by the COVID Pandemic.

“We have our head above the water all other countries too around us and across the world are facing challenges. In fact there’s a lot of crime in Europe and America.

“What pandemic has brought to the economics of the world but we are navigating through this and we are working hard,” President Tinubu added.