President Bola Tinubu has frowned at the servicing of Nigeria’s public debt with 90 per cent of the revenue it generates, saying this could spell doom.
Speaking on Sunday at the Annual Conference of the Nigerian Bar Association (NBA) in Abuja, the President said this was why his administration had to make “very difficult” decisions to avert the “destruction” of the nation.
He urged Nigerians to be patient with him, assuring them that things would be better than they expected.
“Can we continue to service external debts with 90 per cent of our revenue? It is a path to destruction. It is not sustainable.
“We must make the very difficult changes necessary for our country to get up from slumber and be respected among the world’s great nations,” Mr Tinubu said.
“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,” he further said.
Speaking further, President Tinubu, who promised to reform the judiciary, noted that his government would tackle the lingering electricity crisis in the country, saying the current situation was shameful.
“It is a shame not to have adequate electricity for most 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.