In a candid and no-holds-barred assessment of the economic landscape, Chukwuma Soludo, the Governor of Anambra State, didn’t mince words as he likened the economic challenges inherited by President Bola Tinubu to a “dead horse standing.”
Speaking on the popular Sunrise Daily program on Channels Television, Soludo provided a fresh perspective on the state of the nation’s economy.
He began by addressing the macroeconomic perspective, asserting that former President Muhammadu Buhari’s administration had bequeathed a rocky economic terrain to the incoming government.
Soludo emphasized the substantial task ahead for Tinubu’s economic team and warned that the “coming months will be bumpy.”
In Soludo’s own words, “I will say to you in empathy and commiseration for the economic team of the president, this government inherited, from a macroeconomic standpoint, I would say the economy was like a dead horse but standing. Muddling through this over the coming months will be bumpy, no question about it.”
Soludo didn’t shy away from highlighting the previous administration’s monetary policies, including the controversial printing of over 22 trillion naira without proper backing, which has contributed to high inflation and adverse effects on the exchange rate.
Despite the challenges, he expressed his willingness to give the new government the “benefit of the doubt.”
“I’m glad that at least, the first salvos have been fired by the president, by his courageous step to remove the obnoxious scam that has festered over the years called petrol subsidy and then dealing with the exchange rate,” Soludo remarked, acknowledging President Tinubu’s initial policy moves.
In response to the economic challenges, President Tinubu has taken swift action by inaugurating a presidential committee on fiscal policy and tax reforms. This committee aims to devise strategies for the effective utilization of government revenues, addressing a critical aspect of the economic overhaul that lies ahead.