In the midst of the current global economic hardship, the federal government has made tremendous progress in the reduction of the nation’s foreign debt profile from 97% to 65%, President Bola Ahmed Tinubu has said.
He, therefore, assured Nigerians that his administration’s economic recovery plan was on the right path to realising the nation’s dreams and aspirations.
President Tinubu said this Monday at the State House while inaugurating seven new ministers after their confirmation by the Senate.
The president said his administration had “steered the nation away from bankruptcy and stopped scavengers, profiteers and smugglers of our resources.”
While admitting the reality of the rise in the cost of living, the president said his administration had met its obligations to increase the national minimum wage aimed at alleviating the current economic challenges.
President Tinubu further said the global economic downturn which was occasioned by COVID-19 left many nations, including the advanced economies in Europe and North America, struggling for fiscal survival.
While congratulating the new ministers, the president charged them to be committed and resilient as they joined other members of his cabinet working tirelessly to rescue the nation, reminding them that they were coming in to serve at a critical time.
President Tinubu said: “The moment is challenging; the present situation calls for a very serious commitment. Yours is a duty to serve and that is what you have come to do. I really appreciate the fact that you have taken the oath of office and ready to serve your nation at a time that we are facing the challenges of economic growth and other things like the security challenges on us.
“Economic recovery is on the right path. We have a good path to realize our dream and it is not just only for us, it is for our children and grandchildren to come. Despite the challenges, we faced the job of reengineering and retooling the economic path of this country. Yes, the cost of living has gone up; yes, I recognize that, and we have satisfied our obligations of paying a new minimum wage across the board.
“For us, it was a challenge when a nation was servicing its debt with 97% of its earned revenue. It is not but the end of the cliff but today I can report that we have brought that down to 65% and we have never defaulted in paying our obligations; we have met all obligations – both foreign and domestic. We have our heads above the waters.
“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.”
The newly inaugurated ministers are Dr Nentawe Yilwatda, Minister of Humanitarian Affairs and Poverty Reduction; Alhaji Muhammadu Maigari Dingyadi, Minister of Labour and Employment and Mrs. Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs.
Others are Dr Jumoke Oduwole as Minister of Industry, Trade and Investment; Mr Idi Mukhtar Maiha as Minister of Livestock Development; Yusuf Abdullahi Ata as Minister of State for Housing and Urban Development; and Dr Suwaiba Said Ahmad as Minister of State for Education.
…Odumegwu-Ojukwu remarks
Fielding questions from journalists after the inauguration, Ms Odumegwu-Ojukwu expressed her profound commitment to align with the Tinubu administration’s foreign policy goals.
The minister said she would key into the administration’s foreign policy thrust which focuses on 4Ds – democracy, development, demographic engagement and diaspora collaboration.
“We must leverage the African Continental Free Trade Area to harness our economic potentials.
“Nigeria’s youthful demographic — 70% of its population is under 30. This is a huge demographic that we intend to engage actively,” she said.