President Bola Tinubu has asserted that Nigeria can no longer afford to dedicate 90 percent of its revenue to external debt service, especially in light of the numerous developmental challenges confronting the nation. Tinubu made this declaration during his address at the Nigerian Bar Association (NBA) annual conference held in Abuja.

On the same day, the Senate unveiled a comprehensive strategy aimed at enabling the executive branch to generate the necessary revenue to settle Nigeria’s debt obligations and adequately fund the annual national budget.

Speaking extemporaneously before an audience of approximately 16,190 lawyers, President Tinubu posed a poignant question, “Is it sustainable for us to continue servicing external debts with 90 percent of our revenue?” He highlighted the imprudence of this approach, emphasizing that it leads to unsustainable paths and inevitable destruction.

“We must undertake the challenging changes essential for our nation to awaken from its current state and command respect among the global community,” he stated.

President Tinubu underscored that genuine prosperity in Nigeria can only be achieved when poverty is eradicated through the concerted collaboration of the private sector leaders. Many of these leaders were present at the conference’s opening ceremony.

Addressing the conference’s theme, “Getting it Right: Charting the Course for Nigeria’s Nation-Building,” Tinubu emphasized that although the initial steps might involve discomfort, it is imperative to make the hard decisions that will propel the country towards growth.

He noted, “Our desired country cannot emerge without the reforms we have initiated. The initial hardships are transitory; we must persevere to steer this nation towards its destined greatness.”

Tinubu called attention to his previous achievements in judicial reform during his tenure as Lagos State governor from 1999 to 2007. He renewed his commitment to comprehensively address the issue of compensation for judicial officers and legal practitioners, asserting that true justice reform should commence with competitive salaries and benefits for professionals in the legal field.

He further implored the legal community to foster a shift in attitude and mindset, emphasizing that greatness can only be realized through collective efforts. He urged them to redirect their focus from the past and confront the nation’s challenges head-on.

Acknowledging the efforts of his administration in seeking solutions to the country’s challenges, President Tinubu highlighted the importance of cooperation from all sectors, particularly the private sector, to achieve positive outcomes.

He concluded, “The transformation we seek is feasible, and it requires the collaborative dedication of all stakeholders. We possess the creativity to achieve change and realize our aspirations.”

President Tinubu urged members of his cabinet present at the event to align with the NBA’s theme and exhibit a renewed approach to governance.

He also appealed to Nigerians to rally together for the nation’s advancement, reiterating his commitment to instigating positive change.

Reflecting on the keynote address by Tony Elumelu, Chairman of United Bank for Africa Plc and Heirs Holdings, President Tinubu expressed concern over the lingering challenges of poverty and inadequate electricity supply. He pledged to facilitate an electricity supply that would invigorate the nation’s economy.

In his welcome address, NBA President Yakubu Maikyau praised President Tinubu’s track record of excellence in Lagos State and expressed confidence in his potential to lead the nation toward effective governance.