President Bola Tinubu has declared that Nigeria is almost out of the woods as economic recovery is on the horizon.
Tinubu, who expressed optimism about the positive trajectory of the economy, stressed that his economic policies have started yielding desirable fruits.
The president was with a bagful of cheering news about the economy and the health of the nation generally as he disclosed that Nigeria’s debt service-to-revenue ratio has reduced from 97 percent to 65 percent.
Tinubu stated this on Monday during the swearing-in ceremony for seven new ministers in Abuja. He described the development as a positive indicator of the nation’s economic recovery.
“For us, it was a challenge when the nation was servicing its debt with 97 percent of its revenue; it was nothing but the end of the cliff,” the president said.
“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,” Tinubu added.
Tinubu also acknowledged the challenges that lie ahead as the government undertakes efforts to reshape and revamp the country’s economic framework.
While recognising the rising cost of living, Tinubu assured that his administration has fulfilled its commitment to implementing a new minimum wage across all sectors.
Tinubu encouraged 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.
The president also expressed appreciation to the national assembly for their prompt confirmation of the ministers, acknowledging their commitment to fulfilling their constitutional responsibilities.
