The National Security Adviser, Nuhu Ribadu, disclosed at the Chief of Defence Intelligence Annual Conference 2023 that Nigeria inherited a dire financial situation, describing it as a “literally bankrupt country.”
He emphasized the challenges faced by the current administration in repaying past debts, acknowledging the severity of the economic strain.
Despite the financial constraints, Ribadu assured the commitment of the Federal Government to bolster defense management and security apparatus. The assurance came amidst concerns about budgetary allocations, with the government grappling to address contemporary security challenges.
The conference, attended by key officials including the Minister of Defence and Chief of Defence Staff, focused on leveraging defense diplomacy and enhancing regional collaboration for national security.
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Ribadu’s revelation coincides with recent controversies surrounding expenditures by political figures. President Bola Tinubu’s extravagant spending, including a $500,000 luxury hotel stay and a proposed N13.5 billion ($16.2 million) residence renovation, adds to the ongoing discourse on fiscal responsibility. #Bankrupt