Index to Nigerian Newspapers

President Bola Tinubu's administration faces significant challenges, including a high debt stock of over N77 trillion, a debt to GDP ratio of over 23%, an interest rate of over 20%, and a projected economic growth rate of 2.9% next year. Nigeria spends 96% of its revenue servicing debt, with the debt-to-revenue ratio rising from 83.2 percent in 2021 to 96.3 percent by 2022. The 2023 budget only allocates 30% of total expenditure on critical capital projects, and the non-debt recurrent expenditure (NDRE) is over N8 trillion, which accounts for over 60% of the budget. To make meaningful progress, urgent institutional reforms must be undertaken, which were not done by previous administrations. President Tinubu's decision to remove fuel subsidies on his inauguration has become a catalyst for resetting the government and resting the economy. However, Nigerians expect topline politicians and government functionaries to lead by example, making sacrifices and bearing the brunt of the challenges. This will engender trust and confidence in Nigerians and earn their support during this critical period of nation building. Staying politically conscious is no longer acceptable, as Nigerians are more politically conscious than ever before. Sustainable progress requires sacrifices from top leaders, including the Executive, Legislature, and State Governments.