Economy inherited by Tinubu was ‘dead horse standing’, says Soludo

Chukwuma Soludo, governor of Anambra, has likened the economy inherited by President Bola Tinubu to a “dead horse standing”.

Speaking on Sunrise Daily, a Channels Television programme, on Friday, Soludo said from a macroeconomic perspective, the administration of former President Muhammadu Buhari bequeathed a rocky economy to the new one. 

He said Tinubu’s economic team has its work cut out, adding that the “coming months will be bumpy”. 

“I will say to you in empathy and commiseration for the economic team of the president,” he said. 

“This government inherited, from a macroeconomic standpoint, I would say the economy was like a dead horse but standing.

“Muddling through this over the coming months will be bumpy, no question about it.

“Literally, the past administration printed over 22 trillion and poured into the system backed by nothing.

“Now you have to grapple with high inflation, the impact on the exchange rate and all the destruction.

“I’m willing to give the government a benefit of the doubt. They just set up an economic team.

“But I am glad that at least, the first salvos have been fired by the president, by his courageous step to remove the obnoxious scam that has festered over the years called petrol subsidy and then dealing with the exchange rate.”

Tinubu has inaugurated a presidential committee on fiscal policy and tax reforms for effective utilisation of revenues.

On Thursday, the president said his reforms are a “bitter pill” that must be administered to an ailing economy.