Anambra State Governor, Prof Chukwuma Soludo, has declared that President Bola Tinubu's economic reforms have rescued Nigeria from what he described as an imminent economic collapse.
Speaking at The Platform, a Democracy Day event organized by Pastor Poju Oyemade of The Covenant Nation in Lagos, Soludo emphasized the critical nature of the administration's economic policies.
"I'm not shy to say this: the audacious structural reforms embarked upon by the current administration of President Bola Tinubu have rescued the economy from the tipping point," Soludo stated.
Critical Economic Interventions
The Anambra governor specifically highlighted the removal of fuel subsidies and foreign exchange window unification as necessary interventions that have allowed the Nigerian economy to "breathe again."
"If we didn't do the kind of subsidy removal and deal with the exchange rate issues, we would have reached a point where the economy was just standing still," he explained.
"We couldn't move any further. We needed fundamental rejigging for it to begin to breathe again — and thank God, at least, we are here," Soludo added.
International Recognition
Soludo, a former Central Bank Governor, also acknowledged the endorsements from international financial institutions regarding Nigeria's economic direction.
"The endorsements by the World Bank, IMF, London Financial Times, rating agencies—Fitch, Moody's, etc—are well deserved," he noted.
In a surprising admission, Soludo, who has been known for his criticism of international financial institutions, conceded: "Of course, many people know that I made a living criticising the World Bank and the IMF. As Governor of Anambra, I have even rejected a World Bank loan because of the terms. But on the matter of the trajectory of the current economic reforms, the World Bank etc are largely right."
Optimism About Nigeria's Future
Reflecting on his role as Anambra governor, Soludo expressed optimism about Nigeria's future despite ongoing challenges.
"I applied for my current job because I believe that I can join millions of Nigerians in the search for solutions. Yes, solutions—not lamentations! I see the Nigerian cup as half full, and not half empty," he said.
"To keep my optimism going, I try a lot of the time to focus more on what is right with or working in, Nigeria. Yes, we still have a very long way to go. But we must appreciate how far we have come," the governor concluded.
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