Tinubu Inherited Dead Economy- Soludo Urges Understanding Amid Challenges

Governor Charles Soludo of Anambra State emphasized the critical state of Nigeria’s economy, likening it to a ‘dead horse’ inherited by the current administration.

Addressing the nation’s economic landscape in an interview on Channels Television’s Politics Today on Thursday 23 November 2023, Soludo expressed concerns that many citizens were unaware of the dire economic situation.

“I did say before that this particular government inherited a dead economy from a macroeconomic point of view,” stated Soludo during the interview.

He stressed the need for Nigerians to grasp the enormity of the challenges faced by the nation.

Speaking directly about the Central Bank of Nigeria’s policies, Soludo pointed out lapses in adherence to regulations during his tenure as CBN Governor from 2004 to 2009.

Accusing the CBN of illegal money printing, he cited specific clauses in the 2007 Bank Act meant to prevent such fiscal recklessness. “We must realize where we are coming from,” Soludo emphasized, noting the failure to comply with established laws, resulting in the current economic trajectory.

The Governor commended President Tinubu’s removal of fuel subsidies, terming it a necessary move while also addressing exchange rate issues.

However, he highlighted the need for collective support and understanding for the economic team grappling with these challenges.

The former CBN governor, who recently presented the budget estimate to the Anambra State House of Assembly, outlined an increase in the budget for the coming year. With an emphasis on capital expenditure at 77%, Soludo emphasized the state’s commitment to developmental projects.

The Governor’s remarks come as a reminder of the economic hurdles facing Nigeria, urging citizens to comprehend the complexity of the situation while calling for unity and support for measures aimed at reviving the economy.

Emmanuel Ochayi