Tinubu Takes Stand Against Wasteful Debt Service
President Bola Tinubu has expressed a strong commitment to changing Nigeria’s economic philosophy, aiming to put an end to the staggering waste of 90% of its revenue on servicing external debt. Speaking at the Nigerian Bar Association’s annual conference in Abuja, Tinubu questioned the sustainability of this approach and emphasized the need for difficult but necessary changes.
In his speech to a gathering of over 16,000 lawyers, Tinubu challenged the prevailing economic model and stressed the importance of making challenging decisions to propel the nation toward growth. He highlighted the necessity of banishing poverty and called for collective efforts to ensure Nigeria’s prosperity, expressing the belief that hard decisions would lay the foundation for a better future.
Tinubu’s focus on reform extended to the legal sector, as he pledged to address remuneration issues for judicial officers and legal practitioners. He also emphasized the value of private-sector collaboration and urged a change of attitude towards nation-building.
President Tinubu’s Renewed Hope Agenda
President Tinubu, while addressing the audience, emphasized the importance of the government’s bold initiatives and the need for collaboration from the private sector to drive the agenda for national renewal. He highlighted the challenges Nigeria faces, including inadequate electricity supply and poverty. He stated that the nation’s potential for progress relies on collective efforts, urging Nigerians to take pride in their country and invest in its future.
The Role of Private Sector and Urgent Support
Tony Elumelu, in his keynote address, emphasized the role of the private sector in Nigeria’s transformation. He called for collaboration across political and socioeconomic differences, emphasizing that great nations are built by great people, not just great leaders. Elumelu stressed the need to support youth and invest in areas such as security, women empowerment, and the power sector. He pointed out the irony of Nigeria’s abundant gas resources being underutilized for electricity generation.
Senate’s Strategy to Revive Nigeria’s Economy
The Senate revealed a comprehensive strategy to address Nigeria’s debt profile and fund the national budget. With a focus on the informal sector and solid mineral development, the Senate aims to revive the economy and boost revenue generation. Chairman of the Senate Committee on Finance, Senator Sani Musa, highlighted the potential of the informal sector, particularly the mining industry, to contribute significantly to revenue. The Senate plans to introduce legislation to formalize artisanal and medium-scale mining activities, creating economic benefits and safer practices.
Fiscal Discipline and Economic Stability
The Senate Finance Committee is committed to upholding fiscal discipline and ensuring accountable revenue sourcing. With a focus on bridging medium-term aspirations and aligning the budget with the fiscal strategy, the committee aims to create a coherent roadmap for economic growth. The removal of fuel subsidies has added to the country’s economic challenges, making comprehensive measures for stability and equitable access to necessities imperative.
In conclusion, Nigeria’s leaders and private sector must work hand in hand to drive the nation’s progress, address challenges, and build a prosperous future. The determination to effect change, collaborate, and invest in the country’s potential is key to achieving this vision. More News from thedailycourierng