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

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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

2027: Atiku’s Presidential Bid Is ‘Just a Joke’ — Tinubu’s Aide

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A Political Adviser to President Bola Tinubu, Ibrahim Kabiru Masari, has dismissed former Vice President Atiku Abubakar’s ambition to contest the 2027 presidential election, describing it as a joke.

Masari made the remark while addressing members of the Jigawa State Academics Forum.

SEE MORE: ‘A Nation Cannot Escape the Bill’ — Atiku Questions Tinubu’s Third UNGA Absence

According to him, Atiku’s political ambition would not be achieved through what he described as desperation, insisting that the former vice president was aware of the situation.

“Even Atiku himself knows he is just joking and kidding,” Masari said.

The presidential aide also described the All Progressives Congress (APC) as the dominant political party in the country and framed the 2027 election as a choice between continuing the Tinubu administration’s programmes and returning to the opposition.

Masari highlighted infrastructure development, economic diversification, security and poverty reduction as areas the Tinubu administration was prioritising.

He also commended the Jigawa State Academics Forum for endorsing President Tinubu and Governor Umar Namadi for another term.

On education, Masari said the Federal Government was giving the sector priority, adding that the university academic calendar had stabilised and students were benefiting from federal student loans.

His comments come as political parties and opposition figures intensify preparations for the 2027 general election.

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Politics

2023 Election: ‘If Something Fishy Went Down, Ask INEC’ — Gov Sule

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Nasarawa State Governor, Abdullahi Sule, has said the Independent National Electoral Commission (INEC) should be questioned if there were any irregularities in the conduct of the 2023 presidential election.

Sule made the remarks during an appearance on Mic On Podcast, hosted by Seun Okinbaloye, an Arise TV anchor, while responding to questions about allegations surrounding the 2023 presidential election and INEC’s handling of the process.

The governor noted that INEC was the body that conducted and declared the election, saying: “INEC declared that I won the election in 2023. INEC that determined the election.”

SEE ALSO: 2027: Tinubu Has Done Enough Good To Win Re-Election — Gov Sule

Speaking about claims that both Labour Party’s Peter Obi and former Vice President Atiku Abubakar believed they won the 2023 presidential election, Sule questioned how the APC could have manipulated the election against both candidates.

He said: “So who won the election between Peter Obi and Atiku? Take President Asiwaju out. So who now rigged each other between the PDP and then the Labour Party? Because you are saying that Peter Obi said he won, Atiku said he won—”

On concerns over glitches on INEC’s Result Viewing (IReV) portal during the presidential election and allegations that “something fishy” may have happened, Sule said INEC should provide answers if there were any irregularities.

He stated: “Well, if something fishy went down, it is INEC herself that would be asked that question.”

Sule also referred to subsequent elections conducted under the current INEC leadership, including the Osun and Anambra governorship elections.

According to him, APC lost the Osun election without similar complaints, while the All Progressives Grand Alliance (APGA) won in Anambra.

He said: “You know, and so far, all the elections… he held the election in Osun, and they didn’t say there was anything wrong with that one, because APC lost. We had an election in Anambra, there was no problem about that one, because APGA won.”

“You know, so it is anywhere APC won now that there is a problem. It doesn’t… life doesn’t work that way.” the governor added.

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2027: Ejiofor Warns Of Fallout If Anything Happens To Peter Obi, Urges Tinubu To Act

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Human rights lawyer and lead counsel to the Indigenous People of Biafra (IPOB), Ifeanyi Ejiofor, has urged President Bola Ahmed Tinubu to take preventive measures to protect former Anambra State governor and 2027 presidential candidate Peter Obi.

Ejiofor raised concerns over Obi’s safety ahead of the 2027 general elections, warning that any harm to the presidential candidate could have serious consequences for Nigeria’s political and democratic environment.

READ MORE: 2027: Peter Obi ‘Unfit’ To Govern Nigeria — Onanuga Declares

In a statement issued in Abuja, Ejiofor said Obi’s recent expression of concern about his personal safety should not be dismissed as ordinary political rhetoric.

He said when a presidential candidate publicly expresses uncertainty about his safety ahead of an election, the appropriate response should be “vigilance, sober inquiry and preventive action.”

“Nothing must happen to Obi,” Ejiofor said, calling on Tinubu to act now to protect the former Anambra governor and the democratic space.

The lawyer also cited recent developments surrounding the 2027 political season, including Obi’s complaints about difficulties faced by opposition politicians campaigning in some states and the controversy surrounding the obstruction of his convoy during a visit to Benue State.

According to Ejiofor, the circumstances require greater attention from government institutions, security agencies, political parties and other stakeholders.

He warned that if anything happened to Obi, the consequences could extend beyond the individual and potentially affect Nigeria’s already delicate electoral environment.

“If anything should happen to Peter Obi—God forbid!—the consequences would extend far beyond the individual concerned,” he said, describing the possible consequences as “disastrous and devastating.”

Ejiofor urged the Federal Government, security agencies, the Independent National Electoral Commission (INEC), political parties and state authorities to ensure that presidential candidates can campaign peacefully and that voters can freely hear competing political views.

He also called for political disagreements to be settled through the ballot and the law rather than intimidation, coercion or violence.

“Prevention is wiser than mourning,” Ejiofor said, stressing that Nigeria should not wait for a tragedy before taking steps to address concerns surrounding the 2027 political environment.

He further appealed for an electoral atmosphere where every legitimate contestant can campaign, political parties can organise peacefully and citizens can freely listen to and support candidates of their choice.

 

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