Soludo says Tinubu inherited 'dead economy,' identifies those responsible for Nigeria's woes

Advertisements

The Anambra State Governor, Charles Soludo, said Nigeria’s current economic woes are inherited by President Bola Tinubu’s administration, caused by previous administrations, including ex-President Muhammadu Buhari.

Soludo, a former governor of Central Bank of Nigeria, CBN, said the current administration inherited ‘a dead economy,’ while also accusing the CBN of having violated the 2007 Bank Act by printing money illegally.

Soludo, who spoke in an interview on Channels Television on Thursday, November 23, said: “This administration inherited a dead economy. From a macroeconomic point of view, this government inherited a dead horse that was still standing, and people didn’t know it was dead.”

Governor Soludo said on Nigeria’s major economic challenge, that it was not possible to pour water on the rock and expected it not to get wet.

According to him: “There are humungous challenges, and I think it is important that Nigerians understand this and it is not a tea party.”

Soludo, a Professor of Economics, explained the role he played in running monetary structures when he served at the apex bank between 2004 and 2009.

The Anambra governor accused the CBN of printing money illegally, and traced the source of Nigeria’s economy problems to the development.

Soludo maintained that Nigerians need to understand where the problem started, adding that everyone kept mute when the CBN was carrying out the illegal act of printing money.

He recalled his role in the drafting of the 2007 Bank Act, adding that they tried to prevent the country from where it was today by having the clause that the CBN can’t lend recklessly to the federal government.

“That you can not grant to the Federal Government more than 5 per cent of the previous year’s actual revenue,” he said.