Tinubu inherited dead economy from Buhari's government - Soludo

Tinubu took over the country’s reins from former President Muhammadu Buhari on May 29, 2023, and his time has seen the Nigerian economy at its all-time low, with inflation going off the roof.

Many analysts had attributed the spiralling economic downturn to the removal of fuel subsidy by the President, coupled with his decision to unify the foreign exchange rates as part of the holistic reforms of the monetary policy.

But Soludo has shared a contrary view, suggesting that there was little or nothing Tinubu could have done to salvage the economy because what he inherited can only be likened to a dead horse.

Speaking during an interview on Channels Television's Politics Today programme on Thursday, November 23, 2023, where he shared his views on the Central Bank of Nigeria (CBN) policies, the Governor said Tinubu met humongous challenges.

“This economy 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.

“Because you can’t pour water on a rock and not expect the rock not to be wet, there are humungous challenges, and I think it is important that Nigerians understand this, and it is not a tea party,” the former CBN governor stressed.

Recalling his time as the head of the apex between 2004 and 2009, Soludo explained his role in putting curbs on monetary structures and accused the CBN of illegally printing money.

He said, “We must realise where we are coming from.

“We sat here in this country and saw the monetary authorities literally printing money, illegally I must say, because I superintended the development of drafting of the 2007 Bank Act.

“And to prevent us from where we are today, that is why we had an explicit clause there that prevents Central Bank from lending 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.”

The Governor insisted that the CBN contravened the 2007 CBN Act, arguing that the current monetary trajectory was avoidable in the first place.

"We all sat here and saw how the CBN brazenly, illegally violated that law year after year and kept on printing money.

“When you continue to credit the account of government, one trillion people shouted, two trillion,10 trillion, 15 trillion and 20 trillion and we kept going,” Soludo concluded.