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What Tinubu Inherited – Soludo Opens Up With Stunning Revelations
What Tinubu Inherited – Soludo Opens Up With Stunning Revelations
Anambra State Governor, Prof Charles Soludo, remarked on Thursday that the administration of President Bola Tinubu inherited an economy in a state of decline from its predecessors.
Soludo shared this observation while discussing the policies of the Central Bank of Nigeria (CBN) during an interview on Channels Television’s “Politics Today” program.
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“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,” the former CBN governor stressed.
“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.”
Soludo, in elucidating his actions in regulating monetary frameworks during his tenure as the head of the apex bank from 2004 to 2009, accused the Central Bank of Nigeria (CBN) of engaging in the unauthorized printing of money.
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“We must realise where we are coming from,” he said.
“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.”
He insisted that the Central Bank of Nigeria (CBN) neglected to adhere to the provisions of the 2007 CBN Act, emphasizing that the current monetary path could have been prevented from the outset.
“We all sat here and saw how the CBN brazenly, illegally violated that law year after year and kept on printing money,” the governor said.
“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.”
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