Servicing debt with 90% revenue is a path to destruction – Tinubu

President Bola Tinubu has said using 90 percent of the country’s revenue to service debt will lead Nigeria to destruction.

He made the comment while speaking at the Annual Conference of the Nigerian Bar Association in Abuja on Sunday, August 28, adding that his administration will make difficult changes and not continue on that destructive path.

He said, “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.

“To build a great nation, we must make bold decisions; even though it may be painful at the moment, it is not about you and me. It is about our generation yet unborn.”

Tinubu also promised that his administration would ensure that Nigeria generates and distributes the electricity the economy requires to thrive.

He added, “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.”

In another news, the Forum of Youth Leaders of the All Progressive Congress (APC) has appealed to President Bola Ahmed Tinubu to let his son, Seyi, ‘midwife’ the nomination of a Minister of Youth.

The appeal was captured in a letter dated August 21, 2023, sent to the president.

In the letter, signed by different state youth leaders of the ruling party, the group claimed that the reason they made the rare demand was because “Seyi Tinubu has, consistently and against all odds, painstakingly strengthened the youth wing of the party, especially, at a time when the youthful vigor was needed to drive the campaigns.”