Governor Charles Soludo of Anambra State has asserted that the bold structural reforms initiated by President Bola Tinubu have saved Nigeria’s economy from imminent collapse.
During The Platform, a special Democracy Day event hosted by The Covenant Nation in Lagos State on Thursday, Soludo, a former Central Bank governor, praised the administration’s decisive economic measures, which he believes have stabilized a severely declining economy.
“I know some may expect me to criticize the economy or propose yet another economic reform plan, but I won’t do that. I firmly believe that the bold structural reforms undertaken by President Bola Tinubu’s government have stopped the economy from reaching a critical point,” Soludo remarked.
Since taking office in May 2023, President Tinubu has introduced significant economic reforms, such as eliminating petrol subsidies and consolidating various foreign exchange rates. Although these changes have faced criticism for increasing energy, transportation, and food prices, supporters argue that they were necessary for sustainable growth.
Governor Soludo, recognized for his candid opinions on economic issues, pointed out the global acknowledgment of Nigeria’s reforms. “The commendations from the World Bank, IMF, and the London Financial Times regarding Nigeria are well deserved,” he noted.
Reflecting on his past experiences, Soludo mentioned that he once turned down World Bank loans due to unfavorable conditions, but he acknowledged that these global institutions are correct in recognizing Nigeria’s current reform direction. “In my view, the World Bank and others are mostly right about the path of these economic reforms. When these institutions criticize the government, some people use it to validate their critiques, but when they issue a favorable report, they are dismissed as ‘neoliberal, out-of-touch’ entities. We cannot have it both ways.”
Soludo emphasized that the controversial removal of subsidies and the unification of the foreign exchange rate were crucial actions that allowed the economy to “revive.” He explained, “Without addressing subsidy removals and exchange rate challenges, we would have found ourselves in a situation where the economy was stagnant. We needed fundamental changes for it to start functioning again, and thankfully, we are making progress.”
While recognizing that there’s still much work to be done, Soludo encouraged the Tinubu administration to remain committed to its course. “There is still a lot to achieve, but I encourage the President and his team to stay on track. While many analysts share their opinions, I urge them to delve deeper with rigorous, fact-based analysis and propose credible alternatives,” he said.
Quoting a friend, Soludo added, “The past is always easy, especially if you are not the one doing it.”
The event, The Platform, attracted numerous high-profile attendees, including former INEC Chairman Attahiru Jega, former Minister of Works and Housing Babatunde Fashola, and various governors and national figures, as part of the celebrations for Nigeria’s Democracy Day on June 12.
