President Bola Tinubu has announced that Nigeria will not continue to support an unsuccessful economic approach that results in 90% of its limited income being squandered on repaying foreign debts, despite the many developmental challenges the nation is confronting.
As conveyed through a press release by Ajuri Ngelale, the President’s Special Adviser, Tinubu made this statement in Abuja on Sunday while inaugurating the Annual Conference of the Nigerian Bar Association at the Chief MKO Abiola Stadium’s Velodrome in Abuja.
In his impromptu address, President Tinubu ignited the enthusiasm of the 16,190 lawyers present by asserting that Nigeria’s prosperity will only materialize when poverty is eliminated from society, requiring a dedicated partnership between the private sector leaders and the eradication of poverty. Many of these leaders were in attendance at the event.
Drawing from his well-known judicial reforms while serving as the Governor of Lagos State, President Tinubu restated his commitment to effectively addressing the urgent matter of compensation for judicial officers and legal practitioners. He emphasized that authentic justice reform should commence with offering competitive salaries and benefits to legal professionals within Nigeria.
“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.
“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 about 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.
Referring to the Keynote address delivered by the Chairman of UBA Plc and Heirs Holdings, Mr. Tony Elumelu, whom he praised for setting an agenda for economic growth and development, President Tinubu bemoaned the inability of the country to eradicate poverty and tackle poor electricity supply, despite Nigeria’s abundance of gas.
He made a commitment that his administration will 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 an uninterrupted electricity supply. Poverty is not acceptable, and we must banish it,” President Tinubu concluded.