President Bola Ahmed Tinubu ssys his administration has reduced the percentage of Nigeria’s revenue spent on debt servicing from 97 per cent to 68 per cent in the past 13 months of his administration being in power.
The President revealed this in an address to the nation on Sunday, where he also highlighted significant strides that his administration has made in improving Nigeria’s economy.
Speaking on the significant reduction in the reduction of the percentage of debt servicing, Tinubu said, “Coming from a place where our country spent 97% of all our revenue on debt service; we have been able to reduce that to 68% in the last 13 months,” emphasising that the reduction has provided the government with more financial freedom to invest in essential social services such as education and healthcare.
Tinubu attributed this progress to decisive actions taken since assuming office, including the removal of fuel subsidies and the abolition of multiple foreign exchange systems, explaining that the measures taken were necessary to counter decades of economic mismanagement. “These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well. Yes, I agree, the buck stops on my table,” he stated.
The President also highlighted achievements in increasing government revenues, blocking economic leakages, and boosting productivity in the non-oil sector. “On the fiscal side, aggregate government revenues have more than doubled, hitting over 9.1 trillion Naira in the first half of 2024 compared to the first half of 2023 due to our efforts at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people,” he noted.
Furthermore, Tinubu detailed infrastructure projects aimed at revitalising Nigeria’s economic landscape, including roads, railways, and housing initiatives. “We are working to complete inherited projects critical to our economic prosperity, including roads, bridges, railways, power, and oil and gas developments. Notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects will open up 16 connecting states, creating thousands of jobs and boosting economic output through trade, tourism and cultural integration,” he said.
Addressing the youth, Tinubu emphasised the government’s commitment to providing opportunities and support through various initiatives, including the student loan scheme and the Digital and Creative Enterprises programme. “I encourage more of our vibrant youth population to take advantage of this opportunity. We established the Consumer Credit Corporation with over N200 billion to help Nigerians to acquire essential products without the need for immediate cash payments, making life easier for millions of households,” he urged.
Tinubu’s address also covered the administration’s focus on the agricultural sector, with plans to increase food production and reduce import duties on essential items. “Our target is to cultivate more than 10 million hectares of land to grow what we eat. The Federal Government will provide all necessary incentives for this initiative, whilst the states provide the land, which will put millions of our people to work and further increase food production,” he explained.
Tinubu then underscored his administration’s focus on economic stability and growth, aiming to ensure that the benefits reach all Nigerians, as he said, “We are in a new era of Renewed Hope. We are working hard for you, and the results will soon be visible and concrete for everyone to see, feel, and enjoy.”
Ozioma Samuel-Ugwuezi
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