According to President Bola Tinubu, his administration would not continue the “failed economic theory” mentality, in which 90% of the limited tax revenue is utilized to pay off debts to foreign governments. The nation is currently dealing with a number of development issues.
The announcement was made by the president on Sunday, August 27, in Abuja, when he opened the annual conference of the Nigerian Bar Association at the Velodrome, Chief MKO Abiola Stadium, according to a tweet from NTA.
Remember that the previous administration, led by former President Muhammadu Buhari, financed the country’s debt service with a large portion of its income.
The President’s speech energized the occasion, which attracted 16,190 lawyers. He added that the prosperity Nigerians need can only materialize after the nation eradicates poverty in its society.
Since several of them were present at the event, where he delivered the opening ceremony, Tinubu stated that Nigeria needed their dedicated support.
He 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.”
POVERTY ERADICATION AND INVESTMENT PROMOTION FOR WEALTH CREATION DEPEND ON JUSTICE REFORM, PRESIDENT TINUBU DECLARES AT NBA CONFERENCE
Emphasizes that world-class remuneration for legal professionals can sanitize the Judiciary for a prosperous Nigeria.
President Bola Tinubu… pic.twitter.com/a566JUTLts
— NTA News (@NTANewsNow) August 27, 2023