President Bola Tinubu, for the first time, revealed that he inherited serious liabilities from the Muhammadu Buhari’s administration.
Mr Tinubu, who spoke on Monday night in Mecca, Saudi Arabia, lamented that Nigeria has serious deficits in port and power infrastructure, as well as agro-allied facilities.
The president, though didn’t mention Mr Buhari’s name directly, took over power after Mr Buhari’s eight years.
“We inherited serious liabilities, but also assets from our predecessors. We do not make any excuses,” Tinubu was quoted as saying.
This is coming hours after Mr Tinubu’s top aide, the National Security Adviser, Malam Nuhu Ribadu, while speaking at the Chief of Defence Intelligence Annual Conference 2023 in Abuja on Monday, said Tinubu had inherited an empty treasury from Buhari which triggered the ongoing economic hardship.
“Yes, we’re facing budgetary constraints. It is okay for me to tell you. Fine, it is important for you to know that we have inherited a very difficult situation, literally a bankrupt country, no money, to a point where we can say that all the money we’re getting now; we’re paying back what was taken. It is serious!”
Mr Buhari’s chief economic driver and Central Bank Governor Mr Godwin Emefiele has been in detention and is being prosecuted for various allegations of financial crimes.
In Mecca, Mr Tinubu held an investment discussion with Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar, after the President’s return from evening prayers.
President Tinubu said, “Nigeria is the candle of hope that will light the way for Africa. And once Africa is illuminated, the world will be a brighter place for all of humanity. We are determined to create a future for our gifted youths. Investments in Nigeria will be among the world’s most high-yielding. Investor money will flow easily in and out of our country. Processes will be seamless. And your bank has always been a faithful partner in progress.
“We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country. These deficits present unrivalled opportunity for savvy investors in a market that is by far the largest on the continent. Yes, we had the vision to enable Lekki Deep Seaport before others saw it. We must be bold again.
“We inherited serious liabilities, but also assets from our predecessors. We do not make any excuses. There are several sectors replete with investment opportunity for smart investors. Access to finance and guarantees can be a hindrance in some cases. You can come in there. We see you as a critical enabler. You have partnered with us before. We want to scale it up now and do much more with greater ambition and clear vision,” the President stated.
