President Bola Tinubu, speaking from Mecca, Saudi Arabia, emphasized the serious liabilities inherited from the previous administration while also affirming a commitment to avoid making excuses. This statement follows National Security Adviser Mallam Nuhu Ribadu’s recent assertion that Buhari’s government left the nation in financial disarray.
In parallel, Tinubu is engaged in advanced negotiations with the Islamic Development Bank for a multi-billion dollar infrastructure finance package aimed at supporting various projects across federal and sub-national levels in Nigeria.
In a statement conveyed by his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, President Tinubu highlighted Nigeria’s potential as a beacon of hope for Africa and the world. He outlined plans to address deficits in port and power infrastructure, along with agro-allied facilities crucial for sustainable food security.
Acknowledging inherited liabilities and assets, Tinubu stressed the absence of excuses and underscored the abundant investment opportunities available across different sectors in Nigeria. Expressing the need for finance access and guarantees as potential obstacles, Tinubu sought the Islamic Development Bank’s increased partnership to expand ambitions and clear vision.
Grateful for the bank’s support, President Tinubu promised his administration’s unwavering commitment to winning investors’ trust, akin to his success in Lagos State.
In response, the Vice-President of the Islamic Development Bank acknowledged the challenging circumstances inherited by President Tinubu and pledged support for substantial investments in Nigeria, recognizing the country’s pivotal role in Africa’s success.
The Islamic Development Bank President further announced a $50 billion investment provision for the African continent, with Nigeria poised to receive a significant share as the largest market and economy in Africa.
The Nigerian delegation accompanying President Tinubu in Mecca included Governor Bala Mohammed of Bauchi State, Governor Dikko Radda of Katsina State, Governor Umar Bago of Niger State, and Minister of Budget & Economic Planning, Senator Atiku Bagudu, among others.