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Servicing external debt with all our revenues not tenable – Tinubu
President Bola Tinubu has decried the futility of servicing Nigeria’s external debt profile with 90% of the country’s revenue base, saying it is a simple path to destruction and, hence, not sustainable.
His comments came in an apparent move to justify his ongoing economic reforms, declaring that Nigeria will not sustain a failed economic theory that leads to the wastage of 90% of its scarce revenue in the servicing of external debts in the midst of the many development challenges facing the country.
The President made the statement on Sunday in Abuja while declaring open the Annual Conference of the Nigerian Bar Association at the Velodrome, 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 will only occur once poverty is banished from society with the focused cooperation of Nigeria’s private sector leaders, many of whom were present at the opening ceremony.
“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,” the President stated.
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 that 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 conclusively 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 Nigeria.
“You are learned. I want to learn. Why are we so blessed, yet 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 said.
Referring to the keynote address delivered by the Chairman of UBA Plc and Heirs Holdings, Mr Tony Elumelu, whom 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 an uninterrupted electricity supply. Poverty is not acceptable, and we must banish it,” President Tinubu concluded.
In his welcome address, NBA President Yakubu Maikyau, SAN, expressed NBA’s confidence in the ability of President Bola Tinubu to deliver good governance to Nigeria because of his pedigree and past track record of excellent performance in Lagos State, where he was the governor between 1999 and 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,” he said.
The conference was attended by the Attorney General of the Federation, Prince 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.
The Nigerian Midstream and Downstream Petroleum Resources Authority says it has commenced a clampdown on illegal LPG retail outlets in Akwa Ibom State.
The state Coordinator, Ikechukwu Eseka, disclosed this on Thursday while receiving the state commandant of the Nigeria Security and Civil Defense Corps, Bakshar Hussaini, in his office on a courtesy visit.
He said, “We have started enforcement of LPG retailers embarking on illegal decanting of LPG, filling stations, LPG refilling plants and other illegal downstream operations in the state.
“We are currently working on the illegal proliferation of decanting of LPG in the state, Eseka stated, adding that gas is very volatile, and some of them are using gas that is not meant for the purpose.”
He said he has directed that gas plant owners should not load gas on people who don’t have licenses NMDPRA in the state, warning that “decanting of gas from cylinder to cylinder is an illegal activity which is punishable by law.”
He also called on marketers to register and renew their licenses before operating LPG in the state.
“We used the opportunity to talk on the aspects of the downstream which has to do with our enforcement, sealing of filling stations and those who are using diesel for industrial purposes that are yet to register with NMDPRA.
“We have also commenced engagement with individuals and organisations using storage tanks that are over 500 litres, to come and register with the Authority in the state,” he added.
Eseka thanked the Commandant for coming to re-strategise and collaborate with the Authority in the state.
Earlier, the State Commandant of NSCDC, Hussaini, explained that the purpose of coming was to collaborate with NMDPRA on how to checkmate indiscriminate decanting of LPG in the state.
“I know with the present situation in the country, a lot of them are going to cry and you have to use human face to handle their cases so that we don’t injure the government and the public themselves,” he said.
He lamented that some people used their houses to sell cooking gas which can cause environmental hazards to the public.
The Independent National Electoral Commission, INEC, has announced plans to phase out the Permanent Voter Cards, PVC.
INEC Chairman, Prof Mahmood Yakubu, made this known at a meeting with the Resident Electoral Commissioners RECs, held at the INEC Conference Room, Abuja on Thursday.
This was part of the identified 142 recommendations released by the Commission which deals with the general state of preparedness, voter management, voter education and public communication, political parties and candidate management.
Other areas of recommendation include electoral operations and logistics management, election officials and personnel, partnership and collaboration, monitoring and supervision, election technology, voting and result management, election security, electoral offences and the electoral legal framework.
The Chairman said there are eight recommendations among the 142 which require legislative action by the National Assembly.
“The Commission also believes that with the introduction of the Bimodal Voter Accreditation System, BVAS, the use of the Permanent Voters’ Cards, PVC, as the sole means of identification for voter accreditation on Election Day should be reviewed.
He, however, said that those who already have the Permanent Voter Cards can still use them to vote.
He added, “But going forward, computer-generated slips issued to the voter or even downloaded from the Commission’s website will suffice for voter accreditation. ”
Yakubu said this new development will save costs and further eliminate the issues around the collection of Permanent Voter Cards.
He also said the practice of buying up the Permanent Voter Cards from voters to disenfranchise them, would be reduced.
President Bola Tinubu is scheduled to present the 2025 proposed budget to a joint session of the National Assembly on Tuesday, December 17, 2024.
The announcement was made by Senate President Godswill Akpabio during a plenary session, revealing that the President has sent a communication to that effect.
“The president has made his intention known to the National Assembly to present the 2025m budget to the joint session of the National Assembly on the 17th of December, 2024,” he said.
The proposed budget, totalling N47.9 trillion, was earlier announced by the Minister of Budget and Economic Planning Atiku Bagudu.
NMDPRA begins clampdown on illegal LPG retail outlets in Akwa Ibom
Elections in Nigeria: There’ll be no more need for voter cards – INEC
BREAKING: Tinubu to present 2025 budget proposal to National Assembly Tuesday
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