Anambra Governor Soludo: Tinubu inherited a stagnant economy

Governor Chukwuma Soludo of Anambra State recently provided insights into Nigeria’s macroeconomic status. He pointed out that when President Bola Tinubu’s administration took office, they faced a challenging economic situation akin to reviving a lifeless horse that was still on its feet.

Governor Soludo shared these observations during an appearance on the Sunrise Daily program on Channels Television, on September 1, 2023. During the interview, he expressed understanding and support for the economic team working under President Tinubu’s leadership.

Furthermore, Governor Soludo applauded President Tinubu’s decision to eliminate the fuel subsidy, which he characterized as a deceptive practice, and his efforts to address the fluctuating 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.’’