ABUJA, Nov. 4 -- Nigeria's debt service-to-revenue ratio has decreased significantly to 65 percent from approximately 97 percent 17 months ago, President Bola Tinubu said on Monday.

"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 in the capital of Abuja while swearing in seven new ministers, referring to the country's debt service-to-revenue ratio when he took office in May 2023.

"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. We have our head above water. All other countries around us, and across the world, are also facing challenges," the Nigerian leader said.

Acknowledging that Nigeria is facing its worst cost-of-living crisis due to reforms, he declared that the country has made progress economically, explaining that his administration inherited "an economy on the brink of bankruptcy."

He expressed optimism that the tough times would soon be over, saying that the government had gone far in blocking economic saboteurs.

"We are not shirking our responsibility; we are confronting it head-on. Economic recovery is on the horizon. We are on a good path to realize our dreams," he added.

  - Xinhua