Soludo: Tinubu inherited dead economy | CBN Act violated under last administration

Chukwuma Soludo, governor of Anambra, says the administration of President Bola Tinubu inherited a dead economy.

Soludo spoke on Thursday during an interview on Channels Television.

The Anambra governor said Nigerians witnessed how the Central Bank of Nigeria (CBN) was printing money “brazenly and illegally” under the previous administration.

Soludo said certain provisions of the CBN Act 2007, which were implemented during his time as the governor of the apex bank, limited the advances the bank could give to the federal government.

He accused the management of the CBN under the previous administration of violating the act.

The former CBN governor described the economy inherited by the Tinubu administration as a “dead horse” that is still standing.

“We saw the CBN brazenly and illegally violated that act (referring to the CBN act) and kept printing money,” Soludo said.

“We sat here in this country and  saw  the monetary authorities literally printing money, illegally I must say, because I superintended the development of  drafting of the 2007 Bank Act.

“And to prevent us from where we are today, that is why we had an explicit clause there that prevents Central Bank from lending recklessly to the Federal Government.

“That you cannot grant to the Federal Government more than 5 percent of the previous year’s actual revenue.

“This particular government inherited a dead economy. From a macroeconomic point of view, this government inherited a dead economy like a dead horse that is still standing.

“But people did not know it was dead. You cannot pour water on a rock and expect that the rock will not be wet.

“There are humongous challenges and I think it is important that Nigerians understand this and it is not a tea party.”