Tinubu’s Government Inherited Dead Economy

Tinubu's Inherited Economy and Allegations of CBN's Illegal Money Printing

Anambra State Governor Charles Soludo has made assertions about the current administration led by President Bola Tinubu inheriting a struggling economy from its predecessor.

He raised concerns about the alleged illegal printing of money by the Central Bank of Nigeria

President Bola Ahmed Tinubu’s government, in turn, had previously highlighted inheriting an economy on the brink of bankruptcy from the immediate past of the Muhammadu Buhari administration.

Governor Soludo’s assertion that President Tinubu inherited a struggling economy suggests a recognition of the challenges faced by the current administration. It is essential to contextualize this claim within the broader economic landscape and consider the factors contributing to the perceived economic difficulties.

Understanding the economic context preceding Tinubu’s tenure is crucial. Factors such as global economic downturns, fluctuating oil prices, and internal issues like corruption and mismanagement could have played a role. It is worth investigating the specifics of the economic conditions inherited by President Tinubu to comprehend the extent of the challenges.

To assess the effectiveness of Tinubu’s economic stewardship, it is important to examine the policies and reforms implemented to address the inherited challenges. Were there strategic measures taken to revive the economy, attract investments, and promote sustainable growth? Analyzing the policy landscape provides insights into the government’s approach to economic recovery.

During an interview on Channels TV’s Politics Today, Soludo urged Nigerians to exercise patience with the current government.

He raised concerns about the alleged illegal printing of money by the Central Bank of Nigeria, attributing it to the depreciation of the country’s currency. Soludo, a former CBN governor, emphasized that this alleged action violated the 2007 Act governing the apex bank.

He attributed the present economic challenges to the purported recklessness of the previous government, characterizing the economy it bequeathed as a severely compromised situation.

He said, “We sat here in this country and saw the monetary authorities literally printing money.

“And to prevent us from getting to where we are today, that was why we had an explicit clause that prevented the Central Bank from lending recklessly, granting ways and means to the federal government.

“This particular government inherited a dead economy from a micro economic point of view; this government inherited a dead horse that was seen standing but people didn’t know that it was dead. I think it’s important for Nigerians to understand this.”

Governor Charles Soludo’s statements regarding the economic challenges inherited by President Tinubu and allegations of illegal money printing by the CBN under President Buhari highlight the complexities of Nigeria’s economic landscape. As citizens seek clarity on the state of the nation’s economy, it becomes imperative for policymakers, economists, and the public to engage in open and evidence-based discussions. Only through a transparent assessment of the facts can a deeper understanding of the economic conditions and the path forward be achieved.

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