Anambra State Governor, Charles Soludo, has praised President Bola Tinubu’s “audacious” structural reforms, stating that they played a pivotal role in rescuing Nigeria’s economy from imminent collapse. Soludo’s remarks came during a special Democracy Day edition of The Platform, a prominent event organized by The Covenant Nation in Iganmu, Lagos, on Thursday.
Soludo’s Bold Endorsement of Tinubu’s Economic Policies
As a former Central Bank governor, Soludo acknowledged that Nigeria’s economy had reached a critical point of decline before the implementation of the reforms. “I’d disappoint many who expect me to comment harshly on the economy or offer yet another blueprint for economic reforms. I’m not shy to say this: the audacious structural reforms embarked upon by President Bola Tinubu have rescued the economy from the tipping point,” Soludo declared.
These reforms, which include the removal of petrol subsidies and the unification of multiple foreign exchange rates, have sparked both praise and criticism. Critics argue that the reforms have led to higher energy costs, increased transportation fares, and rising food prices. However, Soludo and other supporters assert that these changes were long overdue and crucial for the nation’s long-term economic stability.
Global Recognition and Backing from International Bodies
Soludo also emphasized the global recognition Nigeria has received for its reform efforts. “The endorsement by the World Bank, the IMF, the London Financial Times, and more in Nigeria is well deserved,” he stated. He reflected on his own experience, noting that while he had previously rejected World Bank loans due to unfavorable terms, he now agrees with the assessment made by global institutions regarding Nigeria’s reform path.
“When these institutions criticize the government, some people use them as validation for their own criticism. But when the same institutions give a positive report, they are dismissed as ‘neoliberal’ or ‘out-of-touch.’ We can’t have it both ways,” Soludo pointed out.
A Vital Economic Turnaround
Soludo specifically highlighted the importance of removing subsidies and addressing the exchange rate issue, which he believed allowed the economy to regain momentum. “If we didn’t do the kind of subsidy removal and address the exchange rate issues, we would have reached a point where the economy was just standing still. We needed fundamental changes for it to begin to breathe again — and thank God, at least, we are here,” Soludo stated.
Looking Ahead: More Work to Be Done
Despite acknowledging the positive impact of these reforms, Soludo urged the Tinubu administration to maintain its course. “There is still a lot more to do, but I urge the President and his team to steer the course,” he advised. “Many analysts have interesting opinions, but I urge them to go deeper, with rigorous, factual analysis, and to provide credible alternatives.”
He also offered a poignant reflection on the nature of leadership and policy decisions, quoting a friend who said, “The past is always easy, especially if you are not the one doing it.”
The Platform Event
The event, which celebrated Nigeria’s Democracy Day, featured a host of prominent figures, including former INEC Chairman Attahiru Jega, former Minister of Works and Housing Babatunde Fashola, and several state governors. The discussions at The Platform centered on Nigeria’s progress and the way forward for its democratic and economic future.
As Nigeria continues to navigate these turbulent economic waters, the government’s audacious reforms remain a central topic of national and international conversation.