President Bola Tinubu has raised concern about Nigeria’s financial health, emphasizing that the country cannot sustainably service its debt when 90% of its revenue is allocated to this purpose. Speaking during the Nigerian Bar Association’s Annual Conference in Abuja, Tinubu highlighted the perilous trajectory this financial burden could lead the country to if left unaddressed.
Tinubu, a prominent political figure and former governor of Lagos State, underscored the necessity for tough decisions to be made to uplift Nigeria’s economic prospects. He stressed that such measures were essential to elevate the country’s global standing and secure a prosperous future for generations to come.
The President also spotlighted Nigeria’s dire electricity situation, describing it as a significant hindrance to economic progress and poverty alleviation. He emphasized the pivotal role of uninterrupted power supply in combating poverty and boosting industrial productivity.
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Tinubu committed to tackling the electricity challenge head-on, promising to ensure Nigeria generates and distributes sufficient power to fuel its economy. He declared, “We can take many people out of poverty with an uninterrupted electricity supply. Poverty is not acceptable, and we must banish it.”
Discussing the remuneration of judicial officers, Tinubu stressed the importance of competitive compensation for legal professionals in Nigeria. He asserted that real justice reform should begin by providing attractive salaries and benefits to enhance the legal system’s credibility and effectiveness.
The President of the Nigerian Bar Association, Yakubu Maikyau, expressed his confidence in Tinubu’s ability to deliver effective governance based on his successful tenure as governor of Lagos State. Maikyau called on Tinubu to replicate and surpass his achievements at the national level.
Tinubu’s remarks highlight the urgent economic challenges Nigeria faces and underscore the need for decisive action. As the nation grapples with debt sustainability, power deficits, and poverty reduction, his words serve as a call for comprehensive measures to safeguard Nigeria’s economic future.