The reference is to Luke 12:35 ff., Christ’s parable in Matthew 25:1-13, and the exhortations of Paul in I Thessalonians 5:1-11.
The entire spirit of this song is expectancy and readiness, cultivated by the awareness that the “time is drawing nigh” and Jesus Christ will soon return and bring the final consummation. Our World Belongs to God, paragraph 57 declares: “We live confidently, anticipating his coming, offering him our daily lives – our acts of kindness, our loyalty, and our love—knowing that he will weave even our sins and sorrows into his sovereign purpose.”