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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.

 

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2027 Showdown Begins as Atiku, Obi, Amaechi, Makinde Unite Against Tinubu

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The battle for Nigeria’s presidency in 2027 has officially gathered momentum as leading opposition figures including former Vice President Atiku Abubakar, former Anambra State governor Peter Obi, former Rivers State governor Rotimi Amaechi, and Oyo State governor Seyi Makinde intensified moves aimed at challenging President Bola Ahmed Tinubu and the ruling All Progressives Congress (APC).

The opposition leaders made major political declarations on Thursday, unveiling plans, alliances, and presidential ambitions that could reshape the country’s political landscape ahead of the next general election.

SEE ALSO: 2027: Kwankwasiyya Movement Fires Warning Shot Over Attacks on Kwankwaso

Atiku Abubakar, now contesting under the African Democratic Congress (ADC), submitted his presidential nomination form at the party’s national secretariat in Abuja, describing his ambition as part of a broader mission to rescue Nigeria from hardship and despair.

According to the former vice president, Nigerians must unite beyond ethnic and religious divisions to restore prosperity and rebuild confidence in governance.

“This is more than a political journey; it is a national movement rooted in hope, renewal, and the collective resolve to save Nigeria from despair,” Atiku said.

Former Minister of Transportation, Rotimi Amaechi, who also submitted his nomination form under the ADC, launched a scathing criticism of the APC-led administration, blaming the “Emilokan” ideology for the economic suffering currently facing Nigerians.

Amaechi argued that leadership should be based on competence and performance rather than tribal, regional, or religious sentiments.

“It is Emilokan that brought us here. Nigerians are suffering,” he declared while addressing supporters in Abuja.

The former Rivers governor further questioned the APC’s push for another term, insisting the current administration had failed to improve the welfare of Nigerians.

Meanwhile, Peter Obi disclosed that he would spend only one term in office if elected president in 2027.

Speaking during an interview on News Central TV, the former Labour Party presidential candidate stated that he had no intention of remaining in power beyond four years.

“I want to be a one-term president because of stability. I will not stay a day longer than four years,” Obi stated.

He also criticised the country’s worsening economic conditions, rising debt profile, and increasing hardship under the current administration.

In Ibadan, Governor Seyi Makinde formally declared his presidential ambition under a new political alliance involving the Peoples Democratic Party (PDP) and the Allied Peoples’ Movement (APM).

Makinde announced the launch of the “Reset Nigeria Movement,” which he described as the beginning of a wider opposition coalition determined to offer Nigerians a credible alternative in 2027.

The Oyo governor accused the ruling party of weakening democracy and attempting to turn Nigeria into a one-party state.

“The economic and security situations continue to worsen, forcing Nigerians into survival mode,” Makinde said during a mega rally at Mapo Hall.

He urged opposition parties and ordinary citizens to unite in order to rescue the country from worsening insecurity, poverty, and economic hardship.

 

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“The Match Ended 14-0” — Wike’s Critics Now in APC, Says Bauchi PDP Aspirant

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A Peoples Democratic Party (PDP) governorship aspirant in Bauchi State, Alhaji Usman Adamu, has come to the defence of the Minister of the Federal Capital Territory, Nyesom Wike, saying most of those accusing him of working for the All Progressives Congress (APC) have now joined the ruling party themselves.

Adamu made the remarks in Abuja while submitting his nomination forms for the Bauchi governorship race ahead of the 2027 elections.

The PDP aspirant dismissed claims that Wike was secretly backing the APC, arguing that many of the minister’s critics had already defected to the ruling party.

SEE ALSO: “PDP Can’t Unseat Tinubu with Wike in Charge” — Ulasi Blows Hot, Threatens Exit

“About 85 per cent of those accusing him have already officially decamped to the APC. Who is working for APC?” he asked.

Praising Wike’s political strength and influence within the PDP, Adamu compared the minister’s political survival to a football match where one player defeated several opponents.

“Before, about 14 governors ganged up against one person. Gradually, one after the other, you were scoring one, two. I have never seen such a scorer. In the end, the match ended 14-0. I am thanking Wike,” he said.

According to him, politics is like a battlefield that requires strategy, leadership and strong fighters to secure victory.

Turning to his governorship ambition, Adamu described himself as a unifying figure capable of bridging the gap between youths, women and elders in Bauchi State.

“I am not too old and neither too young to be a leader in this country. I will be the bridge between the women, youths and elders,” he stated.

On regional politics in the state, Adamu said he does not belong to either of the dominant blocs, stressing that he would stand as a neutral force for unity.

“We have a dichotomy in the state that is called Bauchi-Kataokum. I don’t belong to Bauchi, I don’t belong to Kataokum. I will be in the middle of this place,” he added.

The PDP governorship hopeful also expressed confidence in his chances of winning the election, even if the incumbent governor supports another candidate.

“Power and authority belongs to God and only Him can decide the future with certainty. Bauchi people are very wise and they can choose what they want for themselves,” he said.

Adamu further dismissed reports suggesting the PDP was losing relevance in Bauchi State due to internal crises and defections.

“As far as I am concerned, there is one party here, which is PDP. PDP has its stronghold in Bauchi. Most of the people of Bauchi are PDP and you cannot change them from that position,” he declared.

He also questioned the legitimacy of rival factions within the party, insisting that only leaders recognised by the Independent National Electoral Commission (INEC) should be taken seriously.

Despite ongoing tensions within the opposition party, Adamu maintained that the PDP would emerge stronger after its primaries and remain a major political force in Bauchi State.

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Borno Female APC Aspirant Blasts System as Men Head Women Affairs Committee

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A female aspirant under the All Progressives Congress in Borno State, Yakaka Alkali, has criticised the continued dominance of men in positions meant to advocate for women, describing it as a reflection of the low participation of women in politics.

Alkali, who is contesting for the Borno State House of Assembly seat representing Magumeri Local Government Area, said the current situation where a man heads the House Committee on Women Affairs in the state highlights the urgent need for more women to participate in governance.

SEE ALSO: Rivers 2027: APC Stakeholders Move to Secure Fubara’s Second Term

Speaking in Maiduguri on Sunday, the APC aspirant said her decision to join the race was driven by her passion to serve her people, protect the interests of women and children, and promote gender balance in the state assembly.

“Let me tell you, the current Chairman of the House Committee on Women Affairs is a man because of the absence of women. So, if women like myself are encouraged to participate, we will fill these gaps,” she said.

According to Alkali, there are three contenders battling for the APC ticket, including the current lawmaker seeking re-election and another male aspirant.

“My aspiration is motivated by my passion, sincerity, and dedication to serving my people. I am confident that I will emerge victorious,” she stated.
The 45-year-old politician also applauded Babagana Zulum for supporting women’s inclusion in politics and governance, saying his administration understands the importance of female representation.

She further commended the APC for reducing the cost of nomination and expression of interest forms for women and persons living with disabilities.

“The actual fee is N5 million, but it was reduced to N2.5 million for women and people with disabilities. That shows the party is trying to encourage inclusion,” she explained.

Alkali also called for more awareness and political education for women, stressing that many women are willing to participate in politics but lack guidance and support.

“Women are caregivers and their experiences are important in shaping policies on education, security, and development. Usually, women want to participate, but many are afraid because they do not know how to begin,” she added.

She expressed optimism that increased support and encouragement would help create better gender balance in Nigeria’s political space.

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