‘Bankrupt’ Economy: Time to Lead by Good Example

The recent claim made by President Bola Tinubu that he inherited a bankrupt economy from his predecessor, Muhammadu Buhari, raises more serious questions than the bland answers that have been offered to the average Nigerian citizen who is struggling to survive in the shameful paradox of avoidable poverty in the midst of abundant natural resources.

Tinubu claims, ‘I inherited major responsibilities and also assets.” According to Vice President Kashim Shettima, “We are facing challenges!” to support this stance.

The National Security Adviser, Mallam Nuhu Ribadu, acknowledged that there are budgetary restrictions. You should be aware that we inherited a very challenging situation in which we essentially became a bankrupt nation; we have no money and must repay all that was taken. That is indeed serious!
Nigerians therefore have a right to be fully informed about the specifics of the inherited assets and obligations in order to maintain transparency and prevent accusations of buck sharing. Essentially, this is a call to expose Buhari and clarify the events of his despicable eight years in office, which left the people impoverished even before he took office.

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The economic figures on the Buhari administration that are available to the public are awful. In Nigeria, for example, FDI decreased to $0.47 billion in 2022 from $2.2 billion in 2014 during the Buhari administration, making it the country with the lowest FDI ever. In the year 2023, the budget deficit increased by 370.54%. Public debt increased tenfold in a decade, thus the cost of debt payment exceeded public earnings! The growth in domestic debt was 7,029 percent, while the growth in external debt was 473%. In May 2023, inflation was recorded at 22.41 percent. This is thought to have been caused by the Central Bank of Nigeria’s (CBN) imprudent lending to the federal government.

In the first quarter of 2023, Nigeria’s total public debt was N49.85 trillion; by the second quarter (Q2), it had increased to N87.38 trillion, or 75.29 percent more, according to the Debt Management Office (DMO). The Central Bank of Nigeria (CBN) provided the federal government with advances of N22.71 trillion, which DMO said was the reason for the increase.