The declarations of an ’empty treasury’ and ‘bankruptcy’ by the administration of President Bola Ahmed Tinubu have ignited heated discussions, especially as Nigeria contends with surging inflation, pushing more citizens into poverty against the backdrop of diminishing purchasing power and the increasing cost of living.
Recent figures from the World Bank reveal that Nigeria allocated over 96% of its 2022 revenue to debt servicing, with the country’s total debt reaching N87.38 trillion in Q2 2023.
Despite the challenging economic environment, the government asserts that it is taking measured steps to address economic challenges, triggering a mix of reactions from the public.
National Security Adviser (NSA) Nuhu Ribadu claimed that President Tinubu inherited a financially distressed nation, utilizing current revenues to repay what was taken from the country.
Former lawmaker Shehu Sani had previously called for transparency, urging Tinubu to divulge the details of the economic situation inherited from the previous administration.
Meanwhile, the federal government reportedly saved about N1.45 trillion from the removal of the petrol subsidy between June and September.
Despite this, concerns linger about the actual state of the economy. Economist Dr. Samson Simon emphasized the necessity of transparency, citing challenges such as oil theft and insufficient efforts to address the root causes of economic issues.
Executive Director of Daniel Ukwu Foundation, Daniel Nkemaloma Ukwu, called for accountability, urging the government to provide a breakdown of the liabilities left behind.
He suggested the establishment of a probe panel to examine the claims of bankruptcy, emphasizing that transparency is crucial for addressing the nation’s challenges.
