Economy gradually coming out of challenges, says Tinubu

President Bola Ahmed Tinubu said the debt servicing to revenue ration has further dropped to 65 per cent.

He spoke during the inauguration of seven new ministers into the Federal Executive Council (FEC).

The new figure is an improvement on the 68 per cent, given by the President in his October 1 Independence Day broadcast to the nation.

According to him, the economy is improving.

Those inaugurated at the Council Chambers of the State House, Abuja are: Idi Maiha (Minister of Livestock Development); Yusuf Ata (Minister of State for Housing and Urban Development); Dr. Suwaiba Ahmad (Minister of State for Education); Mrs. Bianca Odumegwu-Ojukwu (Minister of State for Foreign Affairs); Dr. Jumoke Oduwole (Minister of Industry, Trade and Investment); Dr. Nentawe Yilwatda (Minister of Humanitarian Affairs and Poverty Reduction) and Muhammadu Dingyadi (Minister of Labour and Employment).

Vice President Kashim Shettima attended the event.

The President said: “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, we face the job of re-engineering and retooling the economic path of this country.

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

“For us it was a challenge when the nation was servicing its debt with 97 per cent of its revenue, it’s nothing but end of the cliff, but today I can report to you that we’ve brought that one down and it is at 65 per cent. We have never defaulted in paying or meet all our obligations, both foreign and domestic. 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 cries in Europe and America, what pandemic has brought to the economies of the world, but we have navigated through this and we are working hard”.

“Brace for public criticisms and abuse in your new roles, but remain steadfast and resilient”, the President advised the new ministers.

The President, who acknowledged the exposure of the ministers to scrutiny and criticisms following the responsibilities they now hold, said that their lasting reward will be the legacy they build in driving Nigeria toward prosperity and growth.

Reminding them of the complex challenges ahead, including economic pressures and security issues, Tinubu emphasized the gravity of their service with a reminder about their duty to more than 200 million Nigerians.

He commended their willingness to take on such significant roles, particularly at a time charactised by demanding conditions and difficult decisions.

The President noted that commitment to public service requires personal sacrifice, including the surrender of personal freedoms, underscoring the unique nature of their choice to serve.

Stating that individual minister’s dedication will be essential to the administration’s collective mission, Tinubu said: “You will be part of criticism and abuse, don’t worry, stay focused, stay resilient. Your thanks will come with the history of growth and prosperity for this country. It is my joy and honour to be part of you to be responsible for over 200 million people in this country.

“I 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.

“It 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.

“The moment is challenging, the present situation calls for a very serious commitment, yours is a duty to serve and that is what you’ve got to do.”

The President assured of his administration’s readiness to completely stop the profiteers and smugglers of the nation’s resources, adding that will continually confront the economic and security challenges facing the country.

He said: “We have stopped the scavengers; we are going to stop completely the profiteers and smugglers of our resources across the country.