President Bola Tinubu has said he will end the adoption of ineffective economic policies that result in the spending of 90% of the nation’s limited revenue on servicing foreign debts, particularly amid numerous developmental hurdles confronting the country.
The President disclosed this on Sunday during the commencement of the Annual Conference of the Nigerian Bar Association at the Velodrome, situated within the Chief MKO Abiola Stadium in Abuja.
Addressing an assembly of approximately 16,190 legal professionals present, President Tinubu posed a crucial question, “Can we continue to service external debts with 90% of our revenue?
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He said “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 was speaking on the theme of the conference, “Getting it Right: Charting the Course for Nigeria’s Nation-Building.” The president emphasized that the desired prosperity for Nigerians can only materialize when the society rids itself of poverty, a goal that necessitates dedicated collaboration from the country’s private sector leaders, a significant number of whom graced the inaugural event.
He stated that challenging choices must be made to steer the country onto a path of growth, notwithstanding the initial difficulties that substantive reforms typically entail.
“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 said.
He tasked judicial officers and legal practitioners, whom he vowed to deal conclusively with their pressing issue of remuneration, to join hands together in solving Nigeria’s problems. The president noted on the issue of remuneration, that true justice reform must begin with world-class salaries and benefits for legal professionals in Nigeria.
“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 exclaimed.
In reference to the Keynote speech delivered by Mr. Tony Elumelu, the Chairman of UBA Plc and Heirs Holdings, who was commended for outlining a roadmap for economic progress, President Tinubu lamented the nation’s incapacity to eliminate poverty and address the issue of inadequate electricity supply, despite the substantial availability of gas resources in Nigeria.
Elumelu in his speech, decried Nigeria’s inability to power many of its power stations due to gas shortages when the country is blessed with abundant natural gas.
Tinubu pledged his administration’s dedication to ensuring that Nigeria produces and disseminates the necessary electricity to foster economic prosperity
“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,” President Tinubu concluded.