President Tinubu says Nigeria cannot continue to service debts with 90% of revenue

APA – Lagos (Nigeria)
Nigeria’s President Bola Tinubu has declared that Nigeria will not sustain failed economic theory that sees to the wastage of 90 per cent of its scarce revenue in the servicing of external debts in the midst of many development challenges facing the country.
Declaring open the annual conference of the Nigerian Bar Association at on Sunday in Abuja, Tinubu stated that the prosperity Nigerians require will only occur once poverty is banished from the society with the focused cooperation of Nigeria’s private sector leaders, many of whom were present at the opening ceremony.
“Can we continue to service external debts with 90% of our revenue? It is a path to destruction. It is not sustainable. We must make the very difficult changes that are necessary for our country to get up from slumber and be respected among the great nations of the world,” he said.
Speaking on the theme of the conference, “Getting it Right: Charting the Course for Nigeria’s Nation-Building,” President Tinubu stated that hard decisions must be made to set the country on a growth trajectory, despite the initial pains which meaningful reforms usually bring.
“We cannot have the country we desire without the reforms we have initiated. It is painful at the beginning, in the short and medium term, but we must do what we have to do to take this nation to its great destiny. It is not about you and it is not about me. It is about our generations yet unborn, for whom we must bequeath a great and prosperous country,” he affirmed.
Against the backdrop of the renowned judicial reforms he undertook as Lagos State Governor, President Tinubu renewed his commitment to deal conclusively with the pressing issue of renumeration for judicial officers and legal practitioners, noting that true justice reform must begin with world-class salaries and benefits for legal professionals in Nigeria.
He pledged that his administration would ensure that Nigeria generates and distributes the electricity the economy requires to thrive.
“Yes, it is a shame not to have adequate electricity for the mass majority of homes in Nigeria and to power our industries. How can we address poverty without electricity? We can take many people out of poverty with uninterrupted electricity supply. Poverty is not acceptable, and we must banish it,” the statement by Ajuri Ngelale, Special Adviser to the President on Media & Publicity, quoted Tinubu as saying.
In his welcome address, the NBA President, Yakubu Maikyau, expressed the confidence of the NBA in the ability of President Bola Tinubu to deliver good governance to Nigeria because of his pedigree and past track record of excellent performance in Lagos State, where he was the governor between 1999-2007.
“President Tinubu got it right in Lagos, and it is our considered expectation that as President of Nigeria, you will not only replicate your achievements in Lagos, but surpass them for our country,” he added.
The annual conference is being attended by 16,190 lawyers, who are members of the NBA as well as Nigeria’s the Attorney General, Mr. Lateef Fagbemi; Chief of Staff to the President, Mr. Femi Gbajabiamila; Minister of Federal Capital Territory, Mr. Nyesom Wike; Minister of Sports, Senator John Enoh; former Secretary to the Government of the Federation, Boss Mustapha, past NBA Presidents and many senior government officials.
GIK/APA