‘I Inherited Empty Treasury; Tinubu Finally Blasts Buhari
On Thursday, President Bola Tinubu stated that his administration inherited a “near-insolvent” treasury and a chaotic economic structure upon assuming office in 2023, but has since implemented bold and painful reforms that are beginning to yield results.
Speaking during a state visit and grand reception in Awka, the Anambra State capital, Tinubu said the financial state of the nation was dire when he took over, citing massive public debts, “unsustainable multiple subsidies”, and an unstable foreign exchange regime.
“We met near-insolvent public finance, a decades-old monster of unsustainable multiple subsidies, a chaotic and debilitating forex regime,” the President declared.
“Just as we tamed the Atlantic in Lagos, many of these monsters have been tackled.”
This marks one of Tinubu’s strongest public acknowledgements yet of the fiscal challenges he inherited from his predecessor, former President Muhammadu Buhari, under whose administration public debt ballooned, subsidy spending soared, and inflation worsened
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