FCT, Abuja – President Bola Tinubu has revealed that his administration inherited significant debts from the previous government led by Muhammadu Buhari.
President Tinubu, in a statement released by his spokesman Ajuri Ngelale on Tuesday, expressed his concern about Nigeria’s significant deficiencies in port, power infrastructure, and agro-allied facilities.
He emphasized that his administration is committed to addressing these shortcomings.
Despite inheriting assets from previous administrations, President Tinubu stated that he will not use this as an excuse.
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.”
President Tinubu has been involved in negotiations with the Islamic Development Bank to secure a multi-billion dollar infrastructure finance facility. The facility will be used to fund various infrastructure projects at both the federal and sub-national levels in Nigeria.
The discussions took place between President Tinubu and Dr. Mansur Muhtar, the Vice-President (Country Programs) of the Islamic Development Bank, following the President’s evening prayers.
“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,” the statement added.
