Speaking at The Platform, a special Democracy Day edition organised by The Covenant Nation in the Iganmu area of Lagos State on Thursday, the former Central Bank governor lauded the administration’s bold economic decisions, which he said have stabilised a dangerously deteriorating economy.
“I’d disappoint many who would 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 the current administration of President Bola Tinubu have rescued the economy from the tipping point,” Soludo stated.
Since assuming office in May 2023, President Tinubu has implemented significant economic changes, including the removal of petrol subsidies and the unification of multiple foreign exchange windows.
While these policies have drawn criticism for driving up energy costs, transportation fares, and food prices, proponents argue they were long overdue and necessary for long-term growth.
The Anambra Governor, known for his forthright views on national economic matters, highlighted the global recognition Nigeria has received following the reforms.
“The endorsement by the World Bank, the IMF, the London Financial Times, and more in Nigeria is well deserved,” he stated.
Drawing from his own experience, Soludo disclosed that he had previously rejected World Bank loans due to unfavourable terms, but acknowledged that the global institutions were correct in their assessment of Nigeria’s current reform path.
“On the matter of the trajectory of the current economic reforms, the World Bank and others, in my view, are largely right,” he said. “When these institutions criticise the government, some people use them as validation of their own criticism. But when the same institutions give a positive report, they are derided as ‘neoliberal, out-of-touch’ institutions. We can’t have it both ways.”
‘Economy Was Standing Still’
Soludo specifically cited the controversial removal of subsidies and unification of the foreign exchange rate as necessary steps that allowed the 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. 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,” he said.
While acknowledging that the journey is far from over, Soludo urged the Tinubu administration to stay the course.
“There is still a lot more to do, but I urge the President and his team to steer the course. Many analysts have interesting opinions and quotes, but I urge them to go deeper, with rigorous, factual analysis, and to provide credible alternatives,” he added.
Quoting a friend, Soludo noted, “The past is always easy, especially if you are not the one doing it.”
Thursday’s event, The Platform, drew several high-profile attendees, including former INEC Chairman Attahiru Jega, former Minister of Works and Housing Babatunde Fashola, governors, and other national figures.
It was organised as part of activities marking Nigeria’s Democracy Day on June 12.
