President Bola Ahmed Tinubu has criticized the unsustainable practice of using 90 percent of the nation's revenue to service its debt, promising to reverse this trend. Speaking at the 63rd Nigerian Bar Association (NBA) annual conference held at the Velodrome of the Moshood Abiola National Stadium in Abuja, Tinubu emphasized the need to depart from this damaging financial path.
Tinubu acknowledged that erratic power supply posed a significant obstacle to the country's economic growth. He urged Nigerians to adopt a positive outlook as his administration works diligently to reposition the nation. The conference drew the participation of governors, ministers, lawmakers, business leaders, diplomats, and traditional rulers.
The President expressed concern over the economic theory of devoting almost all earnings to debt servicing, which he deemed unsustainable. He pledged his commitment to enact the necessary changes for Nigeria to regain global respect. Tinubu's administration has already initiated a task reform committee tasked with doubling revenue within three years, and he has directed efforts to increase revenue to GDP to 18 percent.
Addressing the theme of the conference, "Getting it Right: Charting the Course for Nigeria’s Nation-Building," President Tinubu stressed the importance of making difficult decisions to steer the country toward growth, despite initial challenges. He emphasized that these reforms are crucial not only for the present but also for future generations.
Drawing from his experiences with judicial reforms during his tenure as Lagos State Governor, Tinubu reaffirmed his commitment to addressing the issue of remuneration for judicial officers and legal practitioners. He underscored that genuine justice reform necessitates competitive salaries and benefits for legal professionals.
Tinubu highlighted the need for improved electricity supply and poverty eradication. He lamented the paradox of a nation rich in gas struggling with power shortages and poverty. He called for a shift in attitude and mindset, urging Nigerians to focus on the future rather than dwelling on the past.
He welcomed constructive criticism from the legal community, encouraging the NBA to hold him accountable for his governance decisions. Tinubu acknowledged that he is not immune to mistakes and expressed his willingness to adjust course when necessary.
NBA President Yakubu Maikyau(SAN) expressed confidence in President Tinubu's ability to deliver effective governance. Business leader Tony Elumelu emphasized the importance of empowering youth and women, urging the government to address issues such as insecurity, climate change, food security, and power outages. Elumelu also stressed the significance of gas availability for stable power supply.
The conference is set to conclude on Friday.
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