President Bola Tinubu cautions against using 90% of Nigeria’s revenue to service external debt incurred during Mohammadu Buhari government, highlighting its potential destructiveness and unsustainability.
During the Annual Conference of the Nigerian Bar Association in Abuja, President Tinubu addressed the challenges of Nigeria’s economic landscape, emphasizing the need for meaningful reforms to counteract wasteful debt servicing. He articulated that relying on such a substantial portion of the country’s revenue to service external debts could lead to a perilous path of destruction.
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Tinubu’s statements aimed to justify his ongoing economic reforms, stressing that Nigeria’s prosperity hinges on addressing the root issues contributing to its economic challenges. He emphasized that overcoming poverty and fostering economic growth necessitates collective efforts, particularly from the private sector leaders present at the event.
“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,” President Tinubu declared.
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Speaking on the conference theme, “Getting it Right: Charting the Course for Nigeria’s Nation-Building,” Tinubu underlined the significance of making difficult decisions to propel the country toward sustainable growth. He acknowledged that meaningful reforms often entail initial challenges but are vital for securing a brighter future.
President Tinubu also renewed his commitment to addressing the issue of remuneration for judicial officers and legal practitioners, a continuation of his renowned judicial reforms during his tenure as Lagos State Governor. He underscored that genuine justice reform must begin with competitive salaries and benefits for legal professionals.
Furthermore, Tinubu echoed the sentiments expressed by Tony Elumelu, Chairman of UBA Plc and Heirs Holdings, regarding economic growth and development. He expressed concern over Nigeria’s persistent poverty and inadequate electricity supply despite abundant gas resources. He pledged to prioritize electricity generation and distribution to uplift the economy and reduce poverty levels.
Tinubu concluded by addressing the need for collective effort and determination to create a prosperous Nigeria for future generations. He highlighted his commitment to working towards eradicating poverty and ensuring access to reliable electricity.
The conference was attended by notable figures such as Attorney General of the Federation Prince Lateef Fagbemi, Chief of Staff to the President Femi Gbajabiamila, and Minister of Federal Capital Territory Nyesom Wike, among others. The NBA President Yakubu Maikyau, SAN, expressed confidence in President Tinubu’s ability to deliver effective governance based on his previous successes in Lagos State.
