Tinubu's 17-Month Review: Economic Reforms and Cabinet Growth

On Monday, President Bola Tinubu conducted a preliminary review of his administration's achievements over the past 17 months, highlighting significant financial progress in reducing the national debt servicing ratio from 97% to 65%.

In the context of his controversial fuel subsidy removal policy, President Tinubu emphasized his commitment to eradicating excessive profit-making and smuggling involving the nation's resources.

He expressed these thoughts during the swearing-in ceremony for seven newly appointed ministers, aimed at enhancing the effectiveness of his cabinet.

President Tinubu offered words of encouragement to the incoming ministers, acknowledging the criticisms they may face from the public but stressing the importance of their roles in improving the lives of the nation’s over 200 million people.

The ceremony saw the induction of Dr. Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, Muhammadu Maigari Dingyadi as Minister of Labour & Employment, and Bianca Odinaka Odumegwu-Ojukwu as Minister of State for Foreign Affairs.

Also taking their oaths were Jumoke Oduwole as Minister of Industry, Trade, and Investment; 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.

President Tinubu acknowledged the persistent economic trials, which prompted his administration to increase the national minimum wage.

Optimistic about Nigeria’s future, President Tinubu said, “Let me first of all thank the National Assembly for diligently and expeditiously reviewing and committing themselves to duty on the constitutional assignments of the seven new ministers.”

“I congratulate the newly sworn in 7 ministers. I congratulate you and thank you for accepting to serve this nation. The moment is challenging, the present situation calls for a very serious commitment, yours is a duty to serve and that’s what you’ve got to do."

He commended the ministers for their readiness to tackle the nation's economic growth challenges and other pressing issues like security.

“It is not easy to find just the unique people that will surrender their lives, freedoms and other responsibilities to serve their nation anytime in this time of challenges. I am sincerely happy that you have done that and that you are here today to be part of and to be a very committed team of Nigerians who have been working tirelessly since 17 months ago when we assumed the responsibility of governing this country."

“You are called upon to join the team to rescue this country. Service is the hallmark of this human endeavour you are being called upon to serve …"

Reflecting on his tenure, he said, “Since 17 months, I thank many of the ministers that are present here today for the hard work that they have embarked upon tirelessly to put Nigeria on the recovery path. Economic recovery is on the horizon. We have a good path to realize our dreams and it is not just only for us, it is for our children and grandchildren."

Acknowledging the rising cost of living, President Tinubu affirmed the administration’s achievement in managing the nation's finances more sustainably.

“For us it was a challenge when the nation was servicing its debt with 97 percent of its revenue, it’s nothing but the end of the cliff, But today I can report to you that we brought that one down and it is at 65% and we have never defaulted in paying or meeting all obligations both foreign and domestic…"

“We have our head above the water, all other countries too around us and across the world are facing challenges. In fact there’s a lot of crime in Europe and America. What pandemic has brought to the economies of the world but we are navigating through this and we are working hard. You will be part of criticism and abuse, don’t worry stay focused, stay resilient. Your thanks will come with the history of growth and prosperity for this country."

Concluding his address, he stated, “It is my joy and honour to be part of you and to be responsible for over 200 million people in this county. We have taken the bull by the horns. We have stopped the scavengers. We are going to stop completely the profiteers and smugglers of our resources across the country. we are not going to run away from our responsibility, we are going to face it and we have been facing it headlong, with you as a member of this team, I am proud and honoured that I am leading you and we will lead to success and prosperity."

“All I can say is welcome aboard. This ship will not sink. God bless you and God bless Nigeria”.