Jonathan said this at a special session of the Federal Executive Council (FEC) in honour of victims of the disaster.
The News Agency of Nigeria (NAN) reports that the special session, which held at the Council Chamber of the Presidential Villa, saw all council members dressed in black attires to mourn the departed.
The President reiterated his earlier directive that a comprehensive investigation be carried out to ascertain the immediate and remote causes of the crash.
He said government would implement the recommendations of the investigation to the latter to ensure that sanity was restored to the sector and guarantee the safety of air travellers.
“The lives of all Nigerians and foreigners in our country are precious to this administration. We will continue to do everything possible to protect lives and prevent avoidable deaths.
“I assure all Nigerians and the international community that the investigations which I have ordered will be very thorough. Let me warn that where clear dereliction of duty is established, firm action will be taken.
“This administration stands ready to take whatever action may become necessary after the investigation to prevent the recurrence of air mishaps.
“We are a nation of highly resilient people; in time, we will surely overcome the collective trauma of Sunday’s plane crash in Lagos.”
The President said the special session marked the end of the official three-day mourning he declared immediately after the accident occurred in Lagos.
He said that the accident was not only regrettable, but also a major setback to the ongoing efforts of government to reposition the aviation sector.
Jonathan reaffirmed his administration’s commitment to the improvement of the quality of aviation infrastructure with the overall goal of making air travel in and outside the country safer.
He said government had set up a committee comprising the CBN and the Federal Ministry of Aviation to work out ways of strengthening the financial stability and growth of domestic airlines.
The President said he had also directed the Ministers of Finance, Trade and Investment, CBN Governor, and the Chief Economic Adviser to the President, to look into tariffs and other taxes relating to the aviation industry and come up with recommendations on what to do to augment the sector.
He enjoined the media, particularly the social media network, to desist from sending out unconfirmed reports and speculations on the cause of the crash
Vice-President Namadi Sambo on his part, said the report of the panel set up by the President would help sanitise the aviation industry.
He offered prayers for the repose of souls of the departed and fortitude for the families of the victims to bear the losses.
NAN reports that a minute’s silence was observed in honour of the departed souls while ministers, who spoke in turns, offered suggestions on how to improve the aviation sector.
The President and the Vice-President later signed a condolence register specially dedicated for the crash victims.