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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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Shettima Heads to Ebonyi for APC Presidential Campaign Rally

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2023: It is time to sing songs of unity, peace prosperity, says Shettima

Vice President Kashim Shettima is expected to lead the All Progressives Congress (APC) presidential campaign rally in Abakaliki, the Ebonyi State capital, on Monday, November 9, 2026.

Stanley Nkwocha disclosed this in a statement released on Monday, announcing the Vice President’s visit to Ebonyi State for the campaign rally.

The rally is scheduled to take place at the Pa Ngele Oruta Township Stadium, Abakaliki, as part of the APC’s campaign activities under the Renewed Hope agenda.

SEE ALSO: 2027: Shettima Arrives in Uyo for APC Presidential Campaign Rally

The announcement called on residents and party supporters to turn out in large numbers to welcome the Vice President, describing the event as an opportunity for massive political mobilisation.

“One city. Thousands of voices. An atmosphere of incredible energy,” the statement said.

 

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NDC Warns Judiciary Against Turning Courts Into Tools for Political Opposition

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The Nigeria Democratic Congress (NDC) has warned the judiciary against allowing itself to be used to undermine democracy following the Federal High Court judgment nullifying the David Mark-led leadership of the African Democratic Congress (ADC).

The party expressed concern that the judgment, alongside other recent court decisions involving opposition parties, could weaken Nigeria’s multi-party democracy and restrict political participation ahead of the 2027 general elections.

SEE ALSO: APC Pressuring Hotels to Deny Opposition Parties Venues – NDC Raises Alarm

In a statement signed by its National Publicity Secretary, Osa Director, Esq. On Friday, the NDC said the manner in which some judgments, particularly those emanating from High Courts, were being delivered raised concerns about a possible attempt to exclude the ADC from the forthcoming elections.

While acknowledging the judiciary as the last hope of the common man, the party warned that court decisions capable of weakening opposition parties could create the impression that the judicial system was being used to frustrate democratic competition.

“The way some of these judgements are being churned out, especially from the High Courts suggests a deliberate effort to shut out the ADC from the forthcoming general elections by other means,” the statement read.

The NDC further argued that such developments could shrink the space for multi-party democracy, which it said was already facing significant threats under the administration of President Bola Ahmed Tinubu and the All Progressives Congress (APC).

The party consequently urged the judiciary to safeguard its independence, impartiality and integrity, stressing the need to protect public confidence in the institution.

It also called on the ADC to appeal the judgment without delay, urging the appellate court to grant an accelerated hearing to ensure the leadership dispute does not linger ahead of the 2027 elections.

According to the NDC, resolving the matter promptly would prevent uncertainty from undermining democratic participation and the ability of political parties to prepare for the forthcoming polls.

The party concluded its statement with the declaration: “A New Nigeria is Possible!”

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APC Pressuring Hotels to Deny Opposition Parties Venues – NDC Raises Alarm

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The Nigeria Democratic Congress (NDC) has accused the ruling All Progressives Congress (APC) of allegedly pressuring hotels in Abuja to deny the opposition party access to their facilities, describing the development as an attempt to undermine democratic participation ahead of the 2027 general elections.

The party raised the allegation in a statement signed by its National Publicity Secretary, Osa Director on Thursday, who expressed concern over what it described as increasing attempts to restrict the democratic space and silence opposition voices.

According to the NDC, it has faced not only alleged violent attacks by agents of the ruling APC but also discrimination from hotels and hospitality businesses in Abuja.

SEE ALSO: Two Suspected Political Thugs Killed After Attacking NDC Candidate’s Convoy in Ebonyi

The party specifically accused Rockview Hotel of cancelling agreements to provide facilities for its meetings on two separate occasions.

The first incident, according to the statement, occurred in June 2026 when the hotel allegedly withdrew its agreement to host the party’s second National Executive Committee (NEC) meeting shortly before the scheduled event.

The NDC claimed that the hotel recently rejected another request to use its facilities for a meeting, allegedly informing the party that the decision came through an “order from above.”

The party also accused BON Hotel in Wuse, Abuja, of refusing to provide its facilities for a meeting despite the NDC claiming it had fulfilled all the conditions required.

The statement further alleged that the unveiling of the party’s National Campaign Council (NCC) was nearly disrupted after its event venue initially asked the party to refund its payment, saying it was no longer interested in making its facilities available.

The NDC suggested that the decision might have resulted from alleged threats or instructions from influential quarters.

However, the party said its insistence on using the facility after making payment eventually compelled the hotel to honour the arrangement.

Describing the alleged incidents as a threat to democratic participation, the NDC called on the APC to allow opposition parties to operate freely and campaign without interference.

“This is not democracy. The APC should allow all parties to campaign without let or hindrance, and give Nigerians the opportunity to make their choice on who governs them,” the statement said.

The party also urged Nigerians and supporters of democracy to call out Rockview Hotel and BON Hotel over what it described as their “anti-people and anti-democratic actions.”

Reaffirming its commitment to national development, the NDC declared that Nigerians deserved better governance and insisted that it was prepared to serve with passion and patriotism.

“Nigerians deserve better, and NDC is prepared to serve with passion and patriotism,” the statement added.

The party concluded with its declaration that “A New Nigeria is Possible.”

 

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