President Bola Tinubu stated that Nigeria cannot sustainably service its debts using 90% of government revenue. He warned that continuing such practices would lead the country to destruction.

Tinubu made the statement during the Annual Conference of the Nigerian Bar Association on Sunday in Abuja.

“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,” Tinubu remarked at the Nigerian Bar Association Conference on Sunday.

While acknowledging tough decisions lie ahead, the president reiterated his administration’s commitment to building a greater Nigeria despite present challenges. He called for private sector cooperation in this endeavor.

On the critical issue of electricity, Tinubu described the frequent outages plaguing the country as unacceptable. “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,” he affirmed.

The president vowed his government would ensure stable power supply to aid Nigeria’s development. He also pushed for salaries and benefits for judicial officers to be elevated as part of reforming the justice system.

NBA President Yakubu Maikyau expressed confidence Tinubu could deliver good governance based on his track record. He said Nigeria expects the president’s achievements to surpass those during his tenure as Lagos State governor from 1999-2007.

Analysts say Tinubu will need to make tough fiscal decisions and confront structural economic issues to fulfill his promises. But his ackowledgement of the challenges sends a signal he is ready to institute bold reforms.