The government’s assertions of bankruptcy spark controversy amid escalating hardships.

Controversy surrounds the claims of an ’empty treasury’ and ‘bankruptcy’ made by the Bola Ahmed Tinubu administration, amid escalating inflation driving more Nigerians into poverty. World Bank reports indicate 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 government’s assertion of gradual economic improvement, recent statements from the presidency have elicited mixed reactions. The National Security Adviser, Nuhu Ribadu, disclosed that Tinubu inherited a financially strained nation. Former lawmaker Shehu Sani previously urged transparency about the preceding administration’s state.

Notably, the federal government claims to have saved approximately N1.45 trillion by removing the subsidy on petrol from June to September. However, concerns persist regarding the lack of details about the economy’s true condition. Economist Dr. Samson Simon emphasizes the need for transparency, criticizing the inadequate handling of subsidy removal and the foreign exchange market unification.

Simon underscores the impact of oil theft on foreign exchange scarcity and criticizes the government’s insufficient efforts to address the issue. He contends that Nigeria lacks serious commitment to solving its problems, attributing this to a lack of transparency.

Daniel Nkemaloma Ukwu, Executive Director of Daniel Ukwu Foundation, calls for a breakdown of the liabilities left behind, urging the government to establish a probe panel if sincere. He questions the credibility of claims about inheriting bankruptcy, suggesting that actions speak louder than words and advocating for transparent accountability.

In summary, stakeholders, including economists and civil society leaders, demand detailed information about the economic state, urging the government to address issues with transparency and concrete actions.