Tinubu Inherited Dead Economy -Gov Soludo
Anambra State Governor Charles Soludo has remarked that President Bola Tinubu’s administration inherited a “dead economy” left by its predecessors.
Soludo remarked while discussing the naira’s slide under the new government on Channels TV’s Politics Today on Thursday.
The former governor of the Central Bank of Nigeria blamed worsening indications on previous violations of the top bank’s formation law, which prohibits deficit financing of more than 5% of prior year revenues.
He accused previous CBN management of fraudulently issuing trillions in unbacked loans despite regulatory constraints, resulting in the current crisis.
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According to Soludo, when it took power, the Tinubu administration inherited an economy that was already beyond restoration.
He said, “We explicitly put into the law that you can’t grant the Federal Government more than five per cent of the previous year’s revenue. And that so granted must be retired by the end of the year in which it was granted. And when the Federal Government fails to retire, the Central Bank is forbidden by that law from further advancing ways and means. That was the law 2007 Act of the Central Bank.”
Tinubu stated earlier this month, while negotiating an infrastructure loan in Saudi Arabia that his administration assumed significant economic and infrastructural imbalances.
The National Security Adviser, Nuhu Ribadu, also disclosed that Tinubu inherited a dead economy.
