Soludo: Economy Inherited by Tinubu was ‘Dead Horse Standing’

Chuks Okocha in Abuja

The Governor of Anambra State, Chukwuma Soludo, has said that President Bola Tinubu inherited an economy from past administration equivalent to a “dead horse standing”.

The former Governor of the Central Bank of Nigeria (CBN), said that the previous administration printed over  N22 trillion and put it back into the system without any good backing.

Soludo who spoke on a national television programme, said from a macroeconomic perspective the administration of former President Muhammadu Buhari bequeathed a rocky economy to the new one. 

However, Soludo said that the Tinubu’s economic team has its work cut out, adding that the “coming months will be bumpy”. 

According to the former CBN governor, “I will say to you in empathy and commiseration 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.

“Muddling through this over the coming months will be bumpy, no question about it.

“Literally, the past administration printed over 22 trillion and poured into the system backed by nothing.

“Now you have to grapple with high inflation, the impact on the exchange rate and all the destruction.

“I’m willing to give the government the benefit of the doubt. They just set up an economic team.

“But I am glad that at least, the first salvos have been fired 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.”

“So far, Tinubu has inaugurated a presidential committee on fiscal policy and tax reforms for effective utilisation of revenues.

“On Thursday, the president said his reforms are a “bitter pill” that must be administered to an ailing economy.”