Despite hardship, we’ve crashed debt-servicing profile from 97% to 65% – FG  

In the midst of the current global economic hardship, the federal government has made tremendous progress in the reduction of the nation’s foreign debt profile from 97% to 65%, President Bola Ahmed Tinubu has said.

He, therefore, assured Nigerians that his administration’s economic recovery plan was on the right path to realising the nation’s dreams and aspirations.

President Tinubu said this Monday at the State House while inaugurating seven new ministers after their confirmation by the Senate.

The president said his administration had “steered the nation away from bankruptcy and stopped scavengers, profiteers and smugglers of our resources.”

While admitting the reality of the rise in the cost of living, the president said his administration had met its obligations to increase the national minimum wage aimed at alleviating the current economic challenges.  

President Tinubu further said the global economic downturn which was occasioned by  COVID-19  left many nations, including the  advanced economies in Europe and North America, struggling for fiscal  survival.  

While congratulating the new ministers, the president charged them to be committed and resilient as they joined other members of his cabinet working tirelessly to rescue the nation, reminding them that they were coming in to serve at a critical time.

President Tinubu said: “The moment is challenging; the present situation calls for a very serious commitment. Yours is a duty to serve and that is what you have come to do. I really appreciate the fact that you have taken the oath of office and ready to serve your nation at a time that we are facing the challenges of economic growth and other things like the security challenges on us.

“Economic recovery is on the right path. We have a good path to realize our dream and it is not just only for us, it is for our children and grandchildren to come. Despite the challenges, we faced the job of reengineering and retooling the economic path of this country. Yes, the cost of living has gone up; yes, I recognize that, and we have satisfied our obligations of paying a new minimum wage across the board.

“For us, it was a challenge when a nation was servicing its debt with 97% of its earned revenue. It is not but the end of the cliff but today I can report that we have brought that down to 65% and we have never defaulted in paying our obligations; we have met all obligations – both foreign and domestic. We have our heads above the waters.

“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.”

The newly inaugurated ministers are Dr Nentawe Yilwatda, Minister of Humanitarian Affairs and Poverty Reduction; Alhaji Muhammadu Maigari Dingyadi, Minister of Labour and Employment and Mrs. Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs.

Others are Dr Jumoke Oduwole as Minister of Industry, Trade and Investment; Mr 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.

…Odumegwu-Ojukwu remarks

Fielding questions from journalists after the inauguration, Ms Odumegwu-Ojukwu expressed her profound commitment to align with the Tinubu administration’s foreign policy goals.

The minister said she would key into the administration’s foreign policy thrust which focuses on 4Ds – democracy, development, demographic engagement and diaspora collaboration.

“We must leverage the African Continental Free Trade Area to harness our economic potentials.

“Nigeria’s youthful demographic — 70% of its population is under 30. This is a huge demographic that we intend to engage actively,” she said.

The minister also highlighted the significant contributions of the Nigerians in the diaspora who remitted approximately $22 billion annually, saying  “If we can partner with them and ensure their involvement in our initiatives, it will enhance service delivery for our citizens abroad.”

She also expressed her plan to improve consular services and ensure that Nigerians living overseas feel valued by their government.

…Oduwole

Also speaking, Mrs.  Oduwole stressed the need for Nigeria to optimise the African Continental Free Trade Area (AfCFTA) for Nigerian businesses and ensure that the country’s domestic and foreign investments are retained.

“For about the last nine years, I have been working on business climate reforms. We need productive jobs that deliver value for Nigerians,” she said.

The minister also highlighted the importance of aligning trade agendas with monetary and fiscal policies, saying it’s “significant and imperative; we will prioritise these in the short term.”

…Our reforms working – Edun

Welcoming the Minister of State for Finance to the ministry Monday, Minister of Finance and Coordinating Minister of the Economy Wale Edun said Nigeria’s economy was working.

He said both the fuel subsidy removal and market-driven foreign exchange rate had opened the nation’s economy to investors.

“All will be well as we go forward together to help complete the on-going economic reforms which are showing sustainability and signs of success.

“We do have for the first time in decades, the foreign exchange rate that is market-based.  We do have market pricing of petroleum products.  Those are the two fundamental reforms that were necessary and long over-due that Mr. President had the courage and boldness and dexterity socially and politically to implement and the determination to keep them implemented.

“So we stand on a threshold of a new dawn in terms of the ability of the economy to attract investment thereby increasing productivity, growing the GDP, creating jobs and reducing poverty,” Edun said.   

The minister said the staff members were glad to have Dr. Uzoka-Anite in the ministry.

He said:  “They are excited at this opportunity to have a woman of elegance, substance, refinement and diligence and with a known passion for hard-work.  So we thank Mr. President on behalf of the ministry for giving us the Minister of State.  I thank him for giving me a helper.

“I assure you of every support, encouragement and cooperation and let you know we want you to be free to express yourself, contribute and excel.  As the Permanent Secretary of finance has said, we are all one family.

 “As President Bola Tinubu has always encouraged us, it’s all about consultation, cooperation, collaboration and team work.  That is the basis of our efforts here together.  And we are sure that you fit in smoothly.  You will be like a duck going to the water.”

…I’m apprehensive, but…Uzoka-Anite

Responding, Dr. Uzoka-Anite, the immediate past minister of industry, trade and investment, said: “It’s a big privilege for me to be here to contribute to the development of Nigeria in this particular crucial sector-the finance sector.  I just want to say that I am here to complement the efforts and the jobs that CME has been doing.

“It has been a challenging one year for you CME, especially since May 29 (2023) when the President took over and made that pronouncement.  That was when that responsibility fell on your shoulders to guide and steer this economy towards economic stability and prosperity and also to make sure that the president’s vision and mandate to his people, especially during his campaign manifesto is materialised.

“It’s a no small task that you have been given and coming to work with you, to be honest, I am a bit apprehensive. I know the amount of work and the pressure that you are under but again it is a privilege.

“I can only promise you sir, I am here to work with you, to support you, to complement your efforts to ensure that we achieve the mandate of His Excellency Mr. President and to uphold the honour and dignity of all Nigerians through your hard work.

“I am happy to be a part of your family and again to complement whatever everybody has been doing and I also look forward to more cooperation, collaboration, team and everything that will make us successful because when we succeed, Nigeria succeeds.”  

About Abdullahi M. Gulloma, David Agba and Adeola Akinbobola,Abuja

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