President Bola Tinubu has said the country could not continue to service its debt with 90 percent of its revenue.
He noted that the country was headed for destruction should that continue.
Tinubu spoke during the Annual Conference of the Nigerian Bar Association (NBA) on Sunday in Abuja.
He said his administration must make difficult changes to better the lots of the country.
Tinubu said, “Can we continue to service external debts with 90% 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.
“To build a great nation, we must make bold decisions; even though it may be painful at the moment, it is not about you and me. It is about our generation yet unborn.”
Tinubu, who said there is hope for a great Nigeria, called for the cooperation and support of the private sector.
He said, “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 an uninterrupted electricity supply. Poverty is not acceptable, and we must banish it.
Speaking on the epileptic power supply in the country, the president described the situation as shameful.
He however, promised that his administration would ensure that Nigeria generates and distributes the electricity the economy requires to thrive.
Tinubu said, “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 an uninterrupted electricity supply. Poverty is not acceptable, and we must banish it.”
On remuneration for judicial officers, Tinubu stated that true justice reform must begin with world-class salaries and benefits for legal professionals in Nigeria.
The 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.”