Charles Soludo, Anambra State Governor has brought to light the challenging economic landscape confronting the administration of President Bola Tinubu. According to Soludo, the Tinubu economy is grappling with the aftermath of its predecessor’s policies, which he described as leaving behind an economy akin to a “dead horse standing.”
During a candid interview on Channels TV’s Politics Today, Soludo, a former Central Bank of Nigeria (CBN) governor, alleged that the previous government led by Muhammadu Buhari had indulged in the unlawful printing of money.
Claims of Unlawful money into the economy without records
He pointed out that this act, which he claimed amounted to over N22 trillion being injected into the system without proper backing, was a flagrant violation of the CBN’s 2007 governing Act. This, in Soludo’s view, has significantly contributed to the current state of the Tinubu economy, marked by high inflation and a weakened currency.
The Anambra State Governor didn’t mince words in describing the economic scenario inherited by Tinubu. He emphasized that from a macroeconomic standpoint, the previous administration bequeathed a rocky and unstable economy, which he compared to a “dead horse but standing.” This situation, as per Soludo, poses a significant challenge for the Tinubu economic team, predicting that the path ahead will be fraught with bumps and hurdles.
Despite these challenges, Soludo expressed a willingness to give the benefit of the doubt to the new administration. He acknowledged the early steps taken by Tinubu, particularly in addressing long-standing issues like the controversial petrol subsidy and exchange rate management.
These steps, according to Soludo, are akin to administering a “bitter pill” to an ailing economy, a necessary move to stabilize and rejuvenate the Tinubu economy.
Moreover, President Tinubu has initiated measures such as inaugurating a presidential committee on fiscal policy and tax reforms. This move signifies a commitment to effective revenue utilization and economic restructuring.
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