President Bola Tinubu’s administration inherits a dead economy, according to Prof. Charles Soludo, the governor of Anambra State.
Soludo made the statement on Thursday during an interview on Channels Television’s Politics Today program, where he was discussing the policies of the Central Bank of Nigeria (CBN).
He compared the previous administrations’ Nigeria to a dead horse that was still in existence.
He added. “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, who led the central bank from 2004 to 2009, acknowledged that he had a part to play in limiting monetary systems and accused the CBN of printing money without permission.
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 no more than five percent of the actual revenue from the previous year may be granted to the Federal Government.
He argued 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.”
Morenikeji Adedayo is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
