President Bola Ahmed Tinubu stated that Nigeria cannot sustain servicing its debt with 90% of its revenue and promised to change course.
Tinubu also highlighted the negative impact of erratic power supply on the economy and urged Nigerians to remain positive while the government works to reposition the country.
He made these remarks at the opening of the 63rd Nigerian Bar Association annual conference at the Moshood Abiola National Stadium Velodrome in Abuja.
The event was witnessed by governors, ministers, lawmakers, business leaders, the diplomatic corps and traditional rulers.
The President was accompanied to the venue by Attorney-General of the Federation and Minister of Justice Lateef Fagbemi (SAN).
The President declared Nigeria’s current economic theory unsustainable, promising to implement changes that will earn the country global respect. Energizing a gathering of 16,190 lawyers, President Tinubu stated that poverty must be eradicated with the help of private sector players for Nigerians to prosper.
“Can we continue to service external debts with 90 per cent 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.
Already, the President has set up the task reform committee with the mandate to double revenue, which was more that N10trillion, within three years.
He has also directed that a committee should bring up a proposal that would put revenue to GDP at 18 per cent.
On the theme of the conference, “Getting it Right: Charting the Course for Nigeria’s Nation-Building,” the President stated that hard decisions must be made to set the country on a growth trajectory, despite the initial pains.
He said: “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.”
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 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.
The President, making reference to the keynote address by the Chairman of UBA Plc and Heirs Holdings, Tony Elumelu, bemoaned the inability of the country to eradicate poverty and tackle poor electricity supply, despite its abundance of gas.
