President Bola Ahmed Tinubu has described as unsustainable servicing the nation’s debt with 90 per cent of its revenue. Mr. President promised to reverse same as such is a path to destruction. President Tinubu spoke yesterday at the kick off of the 63rd Nigerian Bar Association (NBA) annual conference, at the Velodrome of the Moshood Abiola National Stadium in Abuja. He was accompanied to the venue by Attorney-General of the Federation and Minister of Justice Lateef Fagbemi (SAN). The president promised to depart from what he described as a “destructive path”. Tinubu, who also noted that erratic power supply constituted a major hindrance to the growth of the economy, urged Nigerians to have positive attitude while his government intensifies efforts to reposition the country.
“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.
“To build a great nation, we must make bold decisions; even though it may be painful at the moment, it is not about you and me. It is about our generation yet unborn.”
Already, the President has set up the task reform committee with the mandate to double revenue, which was over N10trillion, within three years.
Mr. Tinubu has also directed that a committee should bring up a proposal that would put revenue to GDP at 18 per cent.
“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 an uninterrupted electricity supply. Poverty is not acceptable, and we must banish it," he said.
Speaking on the epileptic power supply in the country, the president described the situation as shameful.
“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 an uninterrupted electricity supply. Poverty is not acceptable, and we must banish it,” Tinubu said.
He, however, promised that his administration would ensure that Nigeria generates and distributes the electricity the economy requires to thrive.
On the renowned judicial reforms he undertook as Lagos State Governor, President Tinubu renewed his commitment to deal conclusively with the pressing issue of remuneration for judicial officers and legal practitioners.
He noted that true justice reform must begin with world-class salaries and benefits for legal professionals in the country.
“You are learned. I want to learn. Why are we so blessed and we are still lacking? We must have a change of attitude and a change of our mindset. We accuse our nation and its previous leaders.
“We complain a lot of the past. Is that the solution? No! Let us look forward and be determined! God has given us what we need. We must work hard with determination to make our country great and it begins with you who are seated here with me,” the President said.
Mr. Tinubu, who said there is hope for a great Nigeria, called for the cooperation and support of the private sector.
