Anambra State Governor Charles Soludo has commended President Bola Tinubu for initiating bold structural reforms that, in his view, saved Nigeria’s economy from a total breakdown.
Speaking during The Platform, a special Democracy Day event hosted by The Covenant Nation in Iganmu, Lagos, Soludo, himself a former Central Bank Governor, praised the administration’s decisive actions, which he said prevented the economy from crossing a dangerous threshold.
“I’d disappoint many who would expect me to comment harshly on the economy or offer yet another blueprint for economic reforms.”
“I’m not shy to say this: the audacious structural reforms embarked upon by the current administration of President Bola Tinubu have rescued the economy from the tipping point,” Soludo said.
Since taking office in May 2023, President Tinubu has launched a series of economic reforms, including the highly debated removal of petrol subsidies and the merging of Nigeria’s multiple exchange rate windows.
Although these policies have increased the cost of living, fueling spikes in transportation fares, food prices, and utilities, they have also been praised by economists as essential for long-term recovery.
Soludo acknowledged the international praise the country has received for these measures.
“The endorsement by the World Bank, the IMF, the London Financial Times, and more in Nigeria is well deserved,” he noted.
Drawing from his tenure as CBN Governor, Soludo reflected on his past dealings with global financial institutions.
He said while he had previously rejected World Bank loan offers due to tough conditions, he believes their recent assessment of Nigeria’s economic direction is accurate.
“On the matter of the trajectory of the current economic reforms, the World Bank and others, in my view, are largely right,” he said.
“When these institutions criticise the government, some people use them as validation of their own criticism.”
“But when the same institutions give a positive report, they are derided as ‘neoliberal, out-of-touch’ institutions. We can’t have it both ways.”
“The Economy Needed to Breathe Again”
The Anambra Governor argued that the Tinubu administration had little choice but to implement drastic changes in order to unlock the economy.
“If we didn’t do the kind of subsidy removal and deal with the exchange rate issues, we would have reached a point where the economy was just standing still.”
“We couldn’t move any further. We needed fundamental rejigging for it to begin to breathe again and thank God, at least, we are here,” he explained.
While he admitted the economic recovery is far from complete, Soludo urged the government not to lose momentum.
“There is still a lot more to do, but I urge the President and his team to steer the course.”
“Many analysts have interesting opinions and quotes, but I urge them to go deeper, with rigorous, factual analysis, and to provide credible alternatives,” he said.
He ended on a philosophical note, quoting a friend:
“The past is always easy, especially if you are not the one doing it.”
The Platform event brought together prominent Nigerian leaders and thinkers as part of the Democracy Day celebrations.
Other speakers included former INEC Chairman Attahiru Jega, ex-Minister of Works and Housing Babatunde Fashola, and various state governors and national figures.
