President Bola Tinubu has acknowledged that Nigeria is facing significant economic difficulties that were inherited from the previous administration led by Muhammadu Buhari.
In a statement released by his spokesman Ajuri Ngelale on Tuesday, President Tinubu said that during a visit to Mecca, Saudi Arabia on Monday night, he lamented serious deficits in Nigeria’s port, power and agricultural infrastructure that must be addressed.
While the new government also inherited some assets, Tinubu said he would not make excuses. He vowed that his administration is determined to create solutions and unlock Nigeria’s potential.
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Tinubu secures muti-billion dollar funding
In a boost to these reform efforts, Tinubu announced that negotiations are advancing for a multi-billion dollar infrastructure financing package from the Islamic Development Bank.
The funding would support projects across multiple sectors at both the federal and state levels.
Tinubu met with Islamic Development Bank Vice President Dr. Mansur Muhtar and emphasized Nigeria’s role in lighting the way for Africa’s development.
He declared that with the right investments and business-friendly policies, returns would be high and capital flows smooth.
Tinubu also specifically 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”.
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Nigeria was looted dry: Tinubu government blames Buhari regime
Meanwhile, Nuhu Ribadu, the National Security Adviser, criticized the previous administration of Muhammadu Buhari, alleging that it left Nigeria financially drained upon leaving office.
Speaking at the Chief of Defence Intelligence Annual Conference 2023 in Abuja, Ribadu acknowledged the challenging financial situation but reassured that it wouldn’t impede budgetary allocations for defense, emphasizing the commitment to strengthening the country’s security apparatus.
Addressing the conference attendees, including the Minister of Defence and other key officials, Ribadu admitted to inheriting a dire economic scenario, describing the country as practically bankrupt.
