According to President Bola Ahmed Tinubu, the debt servicing to revenue ratio 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).
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, the 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 the 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 met 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”.
