President Bola Tinubu is tasked with managing the assets and liabilities that he inherited from his predecessor, Muhammadu Buhari, less than 30 days into the position.
But unlike in 2015, because they are both members of the All Progressives Congress (APC), the new president is unable to condemn his predecessor for his failings.
President Tinubu said during the launch of the National Economic Council that "The situation that we have seen is one--I inherited, and it is fundamental, I inherited assets and liabilities of my predecessor."
His policies have received praise from pro-market groups and individuals, particularly the elimination of fuel subsidies and determined efforts to remove multiple currency rates.
The debts that President Tinubu inherited from President Buhari are listed below.
Debt of N77 trillion
The outgoing President left the new Administration with a debt load of N77 trillion.
The Debt Management Office (DMO) provided the number. This is possibly the largest liability the Previous Administration left the present administration.
According to Lekan Olaleye, an economist, "the risk with the debt burden is that even with the removal of subsidies, a significant portion of the federal government earnings will be needed for debt servicing.
The government cannot afford to enact any new taxes, he continued, due to the ongoing changes. The minimum wage must be raised as the government continues to manage the debts.
Fuel Subsidy
The incoming administration included funding in the budget for petroleum subsidies in June 30, but Mr. Tinubu didn't wait until then, declaring in his speech on inauguration day that "fuel subsidies are gone."
While the administration has been successful in eliminating the fuel subsidy, the issue of palliative and other measures still has to be resolved.
The previous administration only intended to borrow $800 million for palliative purposes.
Emefiele/Naira redesign
Nigerians continue to worry about the old Naira notes in their pockets because the Supreme Court's ruling is still in effect through December 31, 2023.
Recall that the first quarter of this year saw Nigerians experiencing painful Naira note shortages as a result of the CBN Governor, now suspended, Godwin Emefiele's Naira redesign policy.
Mr. Emefiele appears to have been the first victim of Mr. Tinubu's pledge to clean up the financial system in his inaugural speech as he is currently being investigated by the DSS, the state's equivalent of the FBI.
However, Nigerians are still unsure of whether the Naira bills in their possession will still be valuable after December or not.
Census
The 2023 census is another item the new administration took over. The population census has been halted, despite the previous administration spending N200 billion on preparations.
Nigeria's population census has historically generated debate due to the potential political ramifications of the results.
It is yet unknown if the present administration will be willing to keep going in this direction.
Closed borders
The closing of land borders is another matter for the Tinubu administration to determine.
Only Atiku Abubakar was quite clear about his stance during the campaign over the border shutdown.
The former Minister of Information and Culture, Lai Mohammed, challenged the former Vice President's promise to open the border, which was reported by Bendelnews.
A final permission is reportedly pending on a letter that will reopen the Same land border to vehicle imports.
