Servicing 90% External Debts Threatens Catastrophe, Warns President Tinubu

President Bola Tinubu asserted that Nigeria’s current economic strategy, which channels a staggering 90% of its scarce revenue towards servicing external debts, could lead the nation down a perilous path of destruction.


 Amidst the backdrop of mounting development challenges, the President urged the country to embrace vital reforms to reshape its destiny.


Speaking at the Annual conference of the Nigerian Bar Association held at the Velodrome, Chief MKO Abiola Stadium, Abuja,Tinubu expressed his concerns about the sustainability of the nation’s financial approach.


The president who spoke before an assembly of 16,190 legal professionals,said  “Can we continue to service external debts with 90% of our revenue? It is a path to destruction. It is not sustainable,” he emphasized. 


The President underscored the urgency for significant change, calling for collective efforts to uplift Nigeria’s global standing and overcome persistent poverty.


Themed “Getting it Right: Charting the Course for Nigeria’s Nation-Building,” the conference highlighted the need for substantial decisions that may yield initial discomfort but ultimately pave the way for growth. 


President Tinubu underscored the long-term perspective, stating, “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.”


Recalling his transformative judicial reforms as the former Governor of Lagos State, President Tinubu reinforced his commitment to enhancing the status of judicial officers and legal practitioners.


 He stressed the significance of just compensation as a cornerstone of comprehensive justice reform.


Referring to the insightful keynote address by Mr. Tony Elumelu, Chairman of UBA Plc and Heirs Holdings, President Tinubu lamented the ongoing challenges of poverty and inadequate electricity supply in spite of Nigeria’s gas abundance. 


He vowed to prioritize electricity generation and distribution, recognizing its pivotal role in combating poverty. “Poverty is not acceptable, and we must banish it,” President Tinubu asserted.


NBA President, Yakubu Maikyau, SAN, lauded President Tinubu’s track record of excellence during his tenure as Lagos State Governor and expressed optimism in his ability to replicate and exceed those achievements as President of Nigeria.


Notable attendees at the conference included 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 senior government officials.


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