New Telegraph

I Inherited Serious Liabilities My Predecessors – Tinubu

President Bola Ahmed Tinubu has declared that his administration inherited serious liabilities from his predecessors.

President Tinubu who spoke in Mecca, Saudi Arabia also affirmed he inherited assets from previous governments.

New Telegraph earlier reported that the National Security Adviser (NSA), Nuhu Ribadu, lamented that the ‘Tinubu-administration Inherited an empty treasury from former President Muhammadu Buhari’.

According to him, the revenue generated by the present administration is being used to repay what was taken from the country.

Ribadu who spoke at the Chief of Defence Intelligence Annual Conference 2023, however, explained that despite the financial constraint that had affected budgetary allocations, the Federal Government would do everything within its power to ensure a robust and viable defence management and apparatus in the country.

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Speaking in a similar vein, President Tinubu in a statement issued on Tuesday by his Special Adviser on Media and Publicity, Ajuri Ngelale lamented that the country had serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in the country.

He said President Tinubu, on Monday night, in Mecca, advanced negotiations concerning a multi-billion dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.

This development was the outcome of substantive investment discussions held between President Tinubu and the Vice-President (Country Programs) of the Islamic Development Bank, Dr. Mansur Muhtar, after the President’s return from evening prayers.

He said: “We inherited serious liabilities, but also assets from our predecessors. We do not make any excuses.

“There are several sectors replete with investment opportunities 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 clearer vision.”

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