STORY: Nigeria's debt service-to-revenue ratio decreases significantly
SHOOTING TIME: Nov. 4, 2024
DATELINE: Nov. 6, 2024
LENGTH: 00:02:24
LOCATION: Abuja
CATEGORY: ECONOMY

SHOTLIST:
1. various of President Bola Tinubu swearing-in newly appointed ministers
2. various of ministers
3. SOUNDBITE 1 (English): BOLA TINUBU, Nigerian President
4. SOUNDBITE 2 (English): BOLA TINUBU, Nigerian President
5. SOUNDBITE 3 (English): BOLA TINUBU, Nigerian President

STORYLINE:

Nigeria's debt service-to-revenue ratio has decreased significantly, falling to 65 percent, President Bola Tinubu said Monday in Abuja while swearing in seven new ministers.

SOUNDBITE 1 (English): BOLA TINUBU, Nigerian President
"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."

The country's debt service-to-revenue ratio stood at 97 percent when Tinubu took office in May 2023.

SOUNDBITE 2 (English): BOLA TINUBU, Nigerian President
"But today, I can report to you that we have brought that down. And it's at 65 percent. We have never defaulted in meeting all obligations. We met 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."

Acknowledging that Nigeria is facing its worst cost-of-living crisis due to reforms, Tinubu declared that the country had made progress economically since he inherited "an economy on the brink of bankruptcy." The president expressed optimism that the tough times would soon be over, saying that the government had gone far in blocking economic saboteurs.

SOUNDBITE 3 (English): BOLA TINUBU, Nigerian President
"We are not going to run away from our responsibility; we are going to face it and we have been facing it head-on."

Xinhua News Agency correspondents reporting from Abuja.
(XHTV)