Economy that Tinubu’s government took over was already dead — Gov Soludo

Charles Soludo, the governor of Anambra State, claimed that the administration of President Bola Tinubu took over a dead economy from its predecessor.

Soludo stated this on Thursday during an interview on Channels Television’s Politics Today programme, when he was discussing the policies of the Central Bank of Nigeria (CBN).

“This economy took over from a dying one. The former governor of the CBN emphasised, “From a macroeconomic perspective, this government inherited a dead horse that was still standing and people didn’t know it was dead.”

“It’s important that Nigerians understand that this is not a tea party and that there are enormous challenges—you can’t pour water on a rock and expect it to stay dry.”

In an explanation of his role as chairman of the apex bank from 2004 to 2009, Soludo charged the CBN with money printing without authorization.

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He stated, “We have to acknowledge our origins.”

“We watched as the monetary authorities in this nation literally printed money—illegally, I must add—because I oversaw the drafting of the 2007 Bank Act.”

And for that reason, we included a clear provision prohibiting the Central Bank from making rash loans to the Federal Government in order to keep us from getting to where we are now.

“That you are not permitted to give the Federal Government more than five percent of the actual revenue from the previous year.”

He said that the current monetary trajectory was preventable in the first place and that the CBN had violated the 2007 CBN Act.

The governor declared, “We all sat here and watched how the CBN shamelessly, illegally broke that law year after year and kept on printing money.”

“One trillion people shouted, two trillion, ten trillion, fifteen trillion, and twenty trillion, and we kept going when you continue to credit the account of the government.”

(CHANNELS)