*Anambra State, Nigeria – September 1, 2023*
Governor Chukwuma Soludo of Anambra State has stated that President Bola Tinubu inherited an economy that could be likened to a “dead horse but standing” from a macroeconomic perspective.
In an interview with Channels TV on Friday, Governor Soludo described the economic situation that President Tinubu assumed as stagnant, particularly when viewed from a macroeconomic standpoint. He acknowledged that the road ahead would be challenging, but he expressed optimism about the government’s ability to navigate these challenges.
Governor Soludo commended President Tinubu for some of the economic decisions made during his first 100 days in office. Specifically, he praised the president for taking the courageous step of removing the fuel subsidy, which he referred to as an “obnoxious scam” that had persisted over the years. Additionally, Governor Soludo acknowledged the president’s efforts to address issues related to the exchange rate.
He also highlighted the economic challenges inherited by the current administration, including a high debt service to revenue ratio. Governor Soludo pointed out that the previous administration had injected over N22 trillion into the economy without adequate backing, resulting in high inflation and the impact of exchange rate fluctuations.
Despite the challenges, Governor Soludo expressed his willingness to give the government the benefit of the doubt. He believed that the newly established economic team would be proactive in addressing these issues. He called on Nigerians to support the government’s efforts in achieving its economic plans.
The governor’s remarks provide insight into the economic landscape facing the new administration and its early policy decisions, emphasizing the need for strategic measures to revive and strengthen the Nigerian economy.
