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.

At the same time, the country is faced with many development challenges.

In a tweet by NTA, the president made the declaration in Abuja on Sunday, August 27, where he declared open the annual conference of the Nigerian Bar Association at the Velodrome, Chief MKO Abiola Stadium.

Recall that the immediate past administration under former President Muhammadu Buhari ran the economy on borrowing while many of its revenue was used to service the country's debt.

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The event, which had 16,190 lawyers in attendance, was energised by the President's speech, adding that the prosperity Nigerians require will only happen when the country does away with poverty in its society.

Tinubu said Nigeria needs the focused cooperation of the private sector leaders, adding that many of them were at the event, where he presented the opening ceremony.

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.”