The Governor of Anambra State, Professor Chukwuma Soludo, in his analyses of Nigeria’s macro-economic situation revealed that President Bola Tinubu’s administration inherited an economy that could be compared to a dead horse but standing.
This was made known by Governor Soludo while featuring on a Channels Television programme, Sunrise Daily, on Friday, September 1, 2023, where he expressed empathy for the economic team of the current administration.
Soludo commended President Tinubu for removing fuel subsidy, which he described as a scam, and dealing with the exchange rate.
Encouraged by Tinubu’s courageous steps
- When asked to respond to Tinubu’s stance kicking against spending 90% of the country’s revenue on external debt service, Soludo said, ‘’With regards to the macro-economics of this country, that’s probably a subject for a whole programme and I only need to say to you and in empathy and commiserations 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, in macroeconomic terms and modelling through this over the coming months we will bumpy, no question about it.
- “But I am glad that at least, the first salvos has been shot 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.
The last administration printed over N23 trillion backed by nothing
- The Governor added, ‘’You have to realize the legacies, what you just narrated seem to be some of the legacies that the government met in terms of high debt service ratio to revenue, ways and means advances, literally the past administration printed over N23 trillion and poured into the system backed by nothing.
- ‘’Now you have you have to grapple with high inflation, the impact on exchange rate and all the disruptions, but I am willing to give the government the benefit of doubt, they have just set up a team, I believe the economic team will get cracking on this and every Nigerian should and every Nigerian should offer whatever support and advice that we can, this is our country.’’
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This was a member of the economic team of the previous government. He is trashing the economic principles he shared responsibility for and did not criticize while he was a team member.
I wonder what he will say about Tinubu after tenure.