President Bola Tinubu has asserted that Nigeria cannot continue to adhere to a failed economic theory that results in squandering 90 percent of its scarce revenue on servicing external debts, especially given the numerous developmental challenges confronting the nation.
The president delivered this statement in Abuja during the commencement of the annual conference of the Nigerian Bar Association (NBA) at the Velodrome, Chief MKO Abiola Stadium, Abuja.
Addressing the assembly of 16,190 lawyers gathered at the event, President Tinubu, speaking extemporaneously, emphasized that the path to Nigerian prosperity necessitates the eradication of poverty from society, requiring collaborative efforts between Nigeria’s private sector leaders and the elimination of the prevalent practice. Notably, many of these leaders were present at the opening ceremony.
“Is it viable for us to continue dedicating 90% of our revenue to servicing external debts? This course of action leads to disaster and is utterly unsustainable. To elevate our country from its current state and gain respect on the international stage, we must embrace the demanding changes imperative for our advancement,” the president asserted fervently.
Discussing the conference’s theme, “Getting it Right: Charting the Course for Nigeria’s Nation-Building,” President Tinubu emphasized the importance of making tough decisions that will propel the nation onto a growth trajectory, despite the initial difficulties that often accompany substantial reforms.
“While the initial stages and the medium term might be challenging, the country we aspire to build necessitates the implementation of the reforms we’ve initiated. Our responsibility is not solely for the present but extends to the well-being of generations yet to come. Our legacy must be one of bestowing a prosperous and thriving nation,” he affirmed.
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 renumeration for judicial officers and legal practitioners, noting 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.
Referring to the keynote address delivered by the chairman of UBA Plc and Heirs Holdings, Mr Tony Elumelu, who 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 uninterrupted electricity supply. Poverty is not acceptable, and we must banish it,” President Tinubu concluded.
In his welcome address, NBA president, Yakubu Maikyau, SAN, expressed the confidence of the NBA in the ability of President Bola Tinubu to deliver good governance to Nigeria because of his pedigree and past track record of excellent performance in Lagos State, where he was the governor between 1999-2007.
“President Tinubu got it right in Lagos, and it is our considered expectation that as President of Nigeria, you will not only replicate your achievements in Lagos, but surpass them for our country,” he said.
The conference was attended by the attorney general of the federation, Prince Lateef Fagbemi; chief of staff to the president, Femi Gbajabiamila; minister of Federal Capital Territory, Nyesom Wike; minister of sports, Senator John Enoh; former Secretary to the Government of the Federation, Boss Mustapha, past NBA presidents and many senior government officials.
