Tinubu: servicing debt with 90% revenue unsustainable
President Bola Tinubu has said that Nigeria would not sustain failed economic theory that sees to the wastage of 90 per cent of its scarce revenue in the servicing of external debts, in the midst of many development challenges facing the country.
The President spoke yesterday in Abuja while declaring open the yearly conference of the Nigerian Bar Association (NBA) at the Velodrome of the Chief MKO Abiola Stadium, Abuja.
While energising the gathering of 16,190 lawyers in attendance with an extemporaneous speech, President Tinubu stated that the prosperity Nigerians require would only occur when poverty is banished from the society, with the focused cooperation of Nigeria’s private sector leaders, many of whom were present at the opening ceremony.
Recall that Tinubu had hugged the headlines last year during the NBA yearly conference held in Lagos when he failed to show up for the debate the lawyers organised for presidential candidates of leading political parties, and instead sent the Vice President, Kashim Shettima, to represent him.
Addressing the gathering yesterday, the President said: “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 that are necessary for our country to get up from slumber and be respected among the great nations of the world.”
Speaking on the theme of the conference, ‘Getting it Right: Charting the Course for Nigeria’s Nation-Building,’ the President stated that hard decisions must be made to set the country on a growth trajectory, despite the initial pains which meaningful reforms usually bring.
“We cannot have the country we desire without the reforms we have initiated. It is painful at the beginning, in the short and medium term, but we must do what we have to do to take this nation to its great destiny. It is not about you and it is not about me. It is about our generations yet unborn, for whom we must bequeath a great and prosperous country,” he affirmed.
Against the backdrop of the renowned judicial reforms he undertook as Lagos State governor, President Tinubu renewed his commitment to deal with the pressing issue of remuneration for judicial officers and legal practitioners, noting that true justice reform must begin with world-class salaries and benefits for legal professionals in the country.
“You are learned. I want to learn. Why are we so blessed, and we are still lacking? We must have a change of attitude and a change of mindset. We accuse our nation and its previous leaders. We complain a lot about the past. Is that the solution? No! Let us look forward and be determined! God has given us what we need. We must work hard with determination to make our country great, and it begins with you who are seated here with me,” the President exclaimed.
Referring to the keynote address delivered by the Chairman of UBA Plc and Heirs Holdings, Mr Tony Elumelu, who he praised for setting an agenda for economic growth and development, President Tinubu bemoaned the inability of the country to eradicate poverty and tackle poor electricity supply, despite Nigeria’s abundance of gas.
He made a commitment that his administration would ensure that Nigeria generates and distributes the electricity the economy requires to thrive.
“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 uninterrupted electricity supply. Poverty is not acceptable, and we must banish it,” he concluded.
In his welcome address, NBA President, Yakubu Maikyau, expressed the confidence of NBA in the ability of President Tinubu to deliver good governance to Nigeria because of his pedigree and past track record of excellent performance in Lagos, where he was the governor between 1999-2007.
“President Tinubu got it right in Lagos, and it is our considered expectation that as President of Nigeria, you will not only replicate your achievements in Lagos, but surpass them for our country.”
The conference was attended by the Attorney General of the Federation, Lateef Fagbemi; Chief of Staff to the President, Femi Gbajabiamila; Minister of Federal Capital Territory, Nyesom Wike; Minister of Sports, Senator John Enoh; former Secretary to the Government of the Federation, Boss Mustapha, past NBA Presidents, and many senior government officials.
Earlier at a pre-conference briefing, the NBA president said the conference would be the largest gathering of lawyers in the world. “The aim is to galvanise lawyers to effectively play their role in the building of a nation that we will all be proud of.
“Nigeria has all it takes to be a great nation and we believe that with the right leadership, we will get it right. Security, economy, and the administration of justice are the key thematic areas of the national guide.
“Without peace and security in the nation, we are not going to experience any national growth. Therefore, discussions at the conference will focus on these three thematic areas. They are all interwoven, and they are elements responsible for the recovery and repositioning of the country.
“Already, we have registered over 17, 000 lawyers that indicated the desire to attend the conference in person. There are also others who registered to participate virtually.
“It is going to be the largest gathering of lawyers in the world, and it is remarkable to note that in any legal gathering in the world where you have 5,000 participants, about 3,000 of them must be Nigerians. As it stands today, we have a total of 139,000 lawyers that have been called to the Nigerian Bar so far.
“This is why I have continued to say that no other profession can fix the country more than the legal profession. This is because the country is a function of the law. That privilege, however, comes with responsibility. We are simply telling Nigerians that this is who we are, and we must make ourselves available for the responsibility. Lawyers must be ready to provide the needed leadership,” Maikyau, SAN, added.
Meanwhile, the NBA said it was worried about the derogatory manner which some senior lawyers analyse court proceedings and judgments on television stations and social media.
“If you disagree with the judgment of a court, there are avenues that have been provided by the law to challenge the same. It is not through social media or TV stations.
“Most times, you will see even senior lawyers analysing judgments that they have not even read to understand the full reasons given by the court, in a very derogatory manner. If judgment does not favour you, you describe it in a derogatory manner but when it favours you, it is a victory for democracy.
“As lawyers, we should not forget the fact that we are Ministers in the temple of justice. It is justice that will guarantee our continued existence and growth as a nation. Justice must always be within the ambit of the law.
“Let us respect the fact that the judiciary is one institution that has kept us going as a nation. I have said it before that anyone that has any evidence of corruption or misconduct against any judge should bring it to us and we will escalate it.
“It is not enough to just go out there to raise spurious and unsubstantiated allegations against judges. We are hurting the nation through such actions.
“On the issue of access to justice, we have said it before that there is the need to increase the number of judges. Look at the issue of our prisons for instance, we need the appropriate legislative actions to check cases of awaiting trial inmates.
“Also, look at the Supreme Court for instance, there should be a constitutional amendment to ensure that not all cases go to the Supreme Court.
“We seriously need to decongest the court. There is a need to guarantee access to justice and quick dispensation of justice. This is why we talk about the need for law reforms,” the NBA president added
