President Bola Ahmed Tinubu has described as unsustainable servicing the nation’s debt with 90 per cent of its revenue. It will be reversed, he said.
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.
He spoke yesterday at the kick off of the 63rd Nigerian Bar Association (NBA) annual conference. It was at the Velodrome of the Moshood Abiola National Stadium, 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 said any economic theory that makes a country spend nearly all its earnings on debt servicing like Nigeria is currently doing, is unsustainable.
He vowed that his administration would make all the changes required for the country to be respected globally.
Energising the gathering of 16,190 lawyers in attendance with an extemporaneous speech, President Tinubu stated that the prosperity Nigerians required will only occur once poverty is banished with the help of private sector players.
“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.
Praising Elumelu for setting an agenda for economic growth and development, Tinubu restated that his administration would ensure that Nigeria generated and distributed the level of electricity it required to thrive.
He said,
“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.”
The President urged Nigerians to lay less emphasis on the past because the solution to the past is the determination to look forward.
Saying that the greatness of any nation depends on the pride of its people, Tinubu noted that a change of mind/ attitude or approach to governance is necessary to build the nation.
He called on the NBA to sustain democratic values, noting that he is not immune to mistakes.
“I can’t say I can’t make mistakes, I can make mistakes, that is why I surrounded myself with great minds so that I don’t commit costly mistakes,” Tinubu noted.
He also challenged the NBA not to shy away from confronting him with the truth whenever he is veering off the course of good governance.
“Whatever I’m doing right, tell me whatever I’m doing wrong tell me and I will change my course,” he promised.
NBA President Yakubu Maikyau (SAN) expressed the confidence of the association in the President’s ability to deliver good governance to Nigerians.
“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,” Maikyau said.
Elumelu urged the government to empower youth and women.
He also said the government needs to show courage in tackling insecurity, climate change, food security and power outages in the country.
He said that Nigerian youths who are known to be entrepreneurial would if encouraged by the government, challenge the global space and excel.
Elumelu also said that the government needed to prioritise the availability of gas because its unavailability has been a major hindrance to power supply in the country.
The business mogul saluted “the political will and courage that have been found by the President to address the root causes of issues, to introduce policies for the long term, not for the short term.”
“Let us build on this boldness. Congratulations President Bola Ahmed Tinubu!
“Nation building is not a quick fix, it entails sacrifices. We cannot keep doing the same things and expect different outcomes,” Elumelu added.
Justice Minister Fagbemi (SAN), assured the people that access to justice and adherence to the rule of law would be easy under the Tinubu administration
He also promised to prioritise productive relationships among agencies of government toward the delivery of good governance.
The conference will end on Friday.
