President Bola Ahmed Tinubu has described as untenable servicing the nation’s debt with 90 per cent of its revenue. It will be reversed, he said as he promised to depart from what he described as a destructive path.
President Tinubu, who 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 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.