“Tinubu Inherited A Dead Economy” – Charles Soludo

Charles Soludo, the Governor of Anambra State, has claimed that President Bola Tinubu’s administration assumed control of an economy that was already in a dead state, Aso Naija Reports.

During an appearance on Channels TV’s Politics Today on Thursday, November 23, Soludo discussed the decline of the Nigerian naira under the new government.

Soludo argued that the administration inherited an economy that was essentially lifeless prior to taking office. He attributed this situation to past violations of the Central Bank of Nigeria’s establishment law, which prohibits deficit financing exceeding five percent of the previous year’s revenues.

Soludo accused the previous management of the Central Bank of illegally providing trillions of unbacked financing despite the legal restrictions in place. He emphasized that the law clearly stipulated that the Federal Government could not be granted more than five percent of the prior year’s actual revenue, and any such grants had to be retired by the end of the granting year. Furthermore, if the government failed to retire the funds, the Central Bank was prohibited from providing any further ways and means financing. Soludo referred to the 2007 Act of the Central Bank as the basis for these regulations.

He pointed out that despite these legal provisions, the Central Bank had been openly and unlawfully flouting the law by continually printing money and extending credit to the Federal Government. The funds were not backed by any tangible assets and were granted in amounts of trillions of naira, such as N4 trillion, N10 trillion, and even N15 trillion.

Soludo had previously expressed his concerns regarding the state of the economy. In his view, the current government inherited a seemingly functional but fundamentally deceased economic system. He emphasized the need for Nigerians to comprehend this reality and its implications.