Why I will not sustain Buhari's debt servicing style

President Bola Tinubu has disclosed that his administration would not sustain the culture of the "failed economic theory" in which 90 per cent of the scarce revenue is used to service the external debt.

In a tweet by NTA, the president stated this in Abuja on Sunday, August 27, while declaring the annual conference of the Nigerian Bar Association open at the Velodrome, Chief MKO Abiola Stadium.

Recall that the immediate past administration led by Muhammadu Buhari ran the economy on borrowing while much of its revenue was used to service the country's debt.

Speaking at the event, Tinubu said the prosperity Nigerians require will only happen when the country does away with poverty in its society.

He added that Nigeria needs the focused cooperation of the private sector leaders.

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.”

The event had 16,190 lawyers in attendance, as many of them applauded the president's speech.