President Bola Ahmed Tinubu has said his administration inherited serious liabilities from his predecessors, lamenting that Nigeria has serious deficits in port and power infrastructure, as well as agro-allied facilities.

The President, who said he would not make any excuses, however, noted his government also inherited assets.

He stated this on Monday night, in Mecca, Saudi Arabia, while advancing negotiations concerning a multi-billion dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria.

The President’s spokesman, Ajuri Ngelale, announced the negotiation in a statement on Tuesday.