Connect with us

Politics

Nigeria’s Debt Service Ratio Falls To 65% As Tinubu Tackles Economic Woes

Published

on

In an effort to reduce Nigeria’s debt burden and stabilize the economy, President Bola Tinubu announced on Monday that the country’s debt service-to-revenue ratio has fallen from 97 to 65 percent over the 17 months since he took office.

Speaking at the swearing-in ceremony for seven new ministers at the State House, Abuja, Tinubu emphasized the government’s progress in stabilizing the economy despite challenging conditions.

READ MORE: Ibadan Man On Why He Used 76 Women For Ritual, Ate Others

“For us, it was a challenge when the nation was servicing its debt with 97 percent of its revenue. It was nothing but the edge of the cliff,” Tinubu said.

“But today, I can report to you that we have brought that down to 65 percent, and we have never defaulted in meeting all obligations, both foreign and domestic.”

His remarks follow Afreximbank’s recent projection that Nigeria’s debt service-to-revenue ratio could reach 110.4 percent by 2024.

Afreximbank’s 2024 Nigeria Country Brief warned of a troubling upward trend in debt servicing, which could see the ratio surge from 33.8 percent in 2017 to a projected 110.4 percent next year.

However, with continued reforms, the report suggested the ratio might decline to 62.6 percent by 2025.

In the first nine months of 2023, debt servicing consumed 66.9 percent (₦5.79 trillion) of Nigeria’s total revenue, a slight improvement from 99.3 percent (₦4.23 trillion) during the same period in 2022.

Tinubu, while optimistic about economic recovery, acknowledged the ongoing struggles faced by Nigerians due to a sharp increase in the cost of living triggered by recent economic reforms.

“We have taken the bull by the horns,” the President asserted. “We have stopped the scavengers. We will fully put an end to the profiteers and smugglers of our resources across the country. We are not shirking our responsibility; we are confronting it head-on.”

He further expressed confidence that Nigeria was on a “good path” toward recovery, emphasizing that the government remains committed to re-engineering the economy.

He cited the introduction of a new minimum wage as one measure aimed at mitigating rising living costs.

Monday’s ceremony also saw the swearing-in of seven new ministers, part of a recent cabinet reshuffle.

In two batches, ministers including Idi Maiha (Livestock Development) and Dr Jumoke Oduwole (Industry, Trade, and Investment) took their oaths.

The reshuffle, which saw 10 ministers reassigned, five discharged, and seven new appointments confirmed by the Senate, reflects Tinubu’s stated commitment to reshaping his cabinet to meet Nigeria’s evolving challenges.

As the administration continues to implement reforms, President Tinubu emphasized a long-term vision for economic sustainability, not only for the current generation but also for future ones.

“Despite the challenges, we must undertake the job of re-engineering and retooling this country’s economic path,” he said.

 

Politics

Political Earthquake in Zamfara as Gov Lawal Dumps PDP for APC

Published

on

Governor Dauda Lawal of Zamfara State has explained that the persistent crisis and legal disputes within the Peoples Democratic Party compelled him to defect to the All Progressives Congress.

The governor’s defection was formally announced on Monday by his deputy, Mani Mummuni, after a stakeholders’ meeting held at the Government House in Gusau.

In a statement issued by the governor’s spokesperson, Sulaiman Bala Idris, the move was described as a necessary step taken in the interest of the state and supported by political stakeholders across Zamfara.

SEE ALSO: JUST IN: PDP Crisis Deepens as Appeal Court Upholds Ban on Ibadan Convention

According to the statement, Governor Lawal had remained committed to the PDP despite the ongoing leadership crisis and had made several efforts to reconcile factions within the party.

However, attempts to achieve peace and unity reportedly failed, leading to prolonged legal battles.

The development followed a judgment by the Court of Appeal in Abuja, which dismissed an appeal filed by the PDP challenging an earlier ruling of the Federal High Court.

The earlier judgment had restrained the Independent National Electoral Commission from recognising the outcome of the party’s national convention held in Ibadan, Oyo State.

The governor was said to have informed political stakeholders during a series of meetings that he would make a final decision about his political future after the appellate court delivered its ruling.

Following the judgment, Lawal concluded that joining the APC would better position him to continue what he described as the “Zamfara Rescue and Rebuild Mission.”

His defection marks a significant shift in the political landscape of Zamfara State and could influence political alignments ahead of the 2027 general elections.

Continue Reading

Politics

Appeal Court Deals Major Blow to Aiyedatiwa’s Re-election Hopes in Ondo

Published

on

The Court of Appeal in Abuja has handed a significant setback to Ondo State Governor Lucky Aiyedatiwa, dismissing his appeal challenging a Federal High Court ruling that questioned his eligibility to contest the upcoming governorship election.

A three-member panel delivered a unanimous judgment on Monday, affirming that the trial court acted correctly when it allowed Dr Akindele Egbuwalo, the plaintiff, to amend his originating summons.

ALSO READ: No Shake-Up in Ondo: Aiyedatiwa Denies Plot To Remove Deputy Gov

Justice Uchechukwu Onyemenam, who read the lead judgment, said the governor failed to show that the High Court’s decision caused any miscarriage of justice or denied him a fair hearing.

The appeal was therefore dismissed for lacking merit, and the court awarded ₦2 million in costs against Aiyedatiwa.

The ruling reinforces the November 24, 2025, Federal High Court decision in Akure, which granted Egbuwalo permission to challenge Aiyedatiwa’s eligibility for re-election.

Earlier, the Court of Appeal also rejected an application by Aiyedatiwa to set aside a January 27, 2026, order staying proceedings in the case before the Federal High Court.

The appellate court clarified that the stay was a lawful exercise of its jurisdiction aimed at protecting the integrity of the proceedings.

The panel further emphasized that attempting to overturn its own order would be akin to sitting on appeal over its own decision.

The governor’s remaining option, the court noted, is to challenge the ruling at the Supreme Court. Another ₦2 million in costs was awarded against Aiyedatiwa.

 

Continue Reading

Politics

JUST IN: PDP Crisis Deepens as Appeal Court Upholds Ban on Ibadan Convention

Published

on

#NigeriaDecides: FCT PDP Chairman Dies In Accident

The crisis rocking the Peoples Democratic Party has deepened following a ruling by the Court of Appeal in Abuja which upheld a ban on the party’s proposed national convention in Ibadan, Oyo State.

A three-man panel of the appellate court on Monday dismissed an appeal filed by a faction of the party led by former Minister of Special Duties, Kabiru Turaki, challenging the jurisdiction of the Federal High Court to hear a suit concerning the controversial convention.

The Turaki-led faction had approached the Court of Appeal after a Federal High Court barred the party from holding its planned national convention scheduled for November 14 and 15, 2025.

SEE MORE: Fubara Moves to Rebuild Cabinet as R/Assembly Screens Nine Commissioner Nominees

The lower court also restrained the Independent National Electoral Commission from recognising or validating the proposed convention.

However, delivering judgment, the appellate court ruled that the Federal High Court had the authority to entertain the case, rejecting the argument that the matter was purely an internal affair of the party.

According to the court, the appellants could not present what it described as a clear violation of the party’s constitution and the Constitution of the Federal Republic of Nigeria as merely an internal party issue.

The panel subsequently dismissed the appeal and awarded a cost of N2 million against the appellants.

The ruling is part of judgments delivered in nine harmonised appeals filed by the Turaki-led faction over the dispute surrounding the convention.

The latest court decision is expected to further intensify the internal wrangling within the opposition party as it continues to grapple with leadership disputes and preparations ahead of the 2027 general elections.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x