President Bola Tinubu has revealed that his administration faced substantial liabilities inherited from Muhammadu Buhari’s government.
In a statement released on Tuesday by his spokesperson, Ajuri Ngelale, President Tinubu conveyed this information during a statement made on Monday night in Mecca, Saudi Arabia.
Expressing concern over serious deficits in port, power infrastructure, and agro-allied facilities in Nigeria, President Tinubu pledged to address these shortcomings under his administration.
While acknowledging the presence of assets inherited from predecessors, he emphasized a commitment to not use them as excuses.
President Tinubu stated, “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.”
He recognized challenges such as access to finance and guarantees, encouraging smart investors to play a critical role in addressing these hindrances.
President Tinubu highlighted the potential for increased collaboration and expanded ambitions with their partners.
“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.”
Tinubu Secures Muti-Billion Dollar Funding Package For Infrastructure
The statement also disclosed that President Tinubu 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 Nigeria’s federal and sub-national levels.
The development resulted from 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.
“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.
Ada Peter
