In a recent evaluation of his administration's progress, President Bola Tinubu highlighted a notable reduction in Nigeria’s debt servicing burden, which has decreased from 97% to 65% over the past 17 months.
The president attributed this improvement to his administration's revenue-raising initiatives, including the removal of fuel subsidies, aimed at curbing profiteering and preventing the smuggling of national resources.
Tinubu emphasized that these fiscal reforms are part of broader efforts to stabilize Nigeria’s economy and ensure sustainable growth, redirecting funds previously allocated to subsidies towards essential sectors for national development.
He made these remarks while swearing in seven new ministers recently appointed into his cabinet to boost its functionality.
Tinubu, while congratulating the new ministers for accepting to serve the country at this challenging time, said they should be ready for abuses and criticisms from Nigerians but must not lose focus on making lives better for over 200 million citizens.
Among the new ministers sworn in are Dr Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, Muhammadu Maigari Dingyadi as Minister of Labour & Employment, and Bianca Odinaka Odumegwu-Ojukwu as Minister of State for Foreign Affairs.
Others who took the oath of office at the Presidential Villa Abuja were Jumoke Oduwole as Minister of Industry, Trade, and Investment (Trade and Investment); 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.
While acknowledging existing economic challenges, Tinubu said it accounted for why his administration shored up the national minimum wage.