Tinubu Says Economic Reform Pains Necessary to Reposition Nigeria
President Bola Tinubu has alerted that Nigeria is on the path to destruction if it continues using 90 per cent of its revenue to service external debts.
According to him, Nigeria would not sustain the failed economic theory which is gulping 90 per cent of its limited revenue required for developmental projects.
The President spoke on the state of the economy on Sunday at the opening of the 2023 annual general meeting of the Nigeria Bar Association (NBA) in Abuja.
Tinubu said Nigeria must make difficult choices to recover from slumber and be respected among the great nations worldwide.
The hard decision, the president explained would set Nigeria again on a growth trajectory, despite the initial pains which meaningful reforms usually bring.
He further explained that the ongoing economic reforms would be painful at the beginning in order to bequeath a great nation to the generations yet unborn.
Earlier, the NBA President, Yakubu Mikyau in his welcome address said NBA has confidence in the ability of the President to deliver on good governance.
He urged President Tinubu to replicate his achievements in Lagos and surpass it for Nigeria.
President Tinubu promised to build a more vibrant and more prosperous economy and he is set to achieve this by ensuring other sectors of the economy like agriculture, solid minerals, maritime, retail, hospitality, tourism, and professional services, and others perform optimally.
You said earlier that the government of President Tinubu is laying a foundation for a prosperous economy. From your point of view as a government official, how is the process going and why do you think Nigerians should trust Mr. President and the team he has put together to work with him on his renewed hope agenda?
The crux of the agenda of this government is economic prosperity which is inclusive and sustainable. Nigerians trust Mr. President based on his pedigree which was the main reason they voted for him as president.
You will also agree with me that Mr. President has made his appointments based on competence with a good number of technocrats appointed to manage various aspects of the economy. Even the politicians that have been appointed by Mr. President are those with proven records of performance.
So I can say that we are moving in the right direction and making progress. I am confident that Nigerians will begin to see the benefits of this administration’s policies sooner rather than later.
The future is very bright. President Tinubu is guiding us through a challenging time and in the last 100 days in office, he has demonstrated that the confidence Nigerians reposed in him has not been misplaced.