President Tinubu inherited a dead economy - Soludo

The Governor of Anambra state, Charles Soludo, has said that former President Muhammadu Buhari handed over a dead economy to President Bola Tinubu.

He made this known on Channels Television Politics Today on Thursday, November 23.

Speaking on the naira's decline, the former governor of the Central Bank of Nigeria noted that the President Tinubu's administration inherited a dead economy before it assumed office.

Soludo was of the view that the past violations of the apex bank’s establishment law, which bars deficit financing above five per cent of prior year revenues was the reason for the decline in the naira

He also accused the former Governor of CBN, Godwin Emefiele, of illegally granting trillions in unbacked financing despite legal restrictions.

He said, “We explicitly put into the law that you can’t grant the Federal Government more than five per cent of the previous year’s actual revenue. And that so granted must be retired by the end of the year in which it was granted. And when the Federal Government fails to retire, the Central Bank is forbidden by that law from further advancing ways and means. That was the law 2007 Act of the Central Bank.

“But we sat all of us Nigerians watching the CBN illegally and brazenly violating that Act year on year and kept on printing money. That is when advance money is backed by nothing; you just credit the Federal Government with trillions N 4 trillion, N10 trillion, N15 trillion and we keep going.

“I said it before. This particular government inherited a dead economy from a microeconomic point of view, this government inherited a dead horse that was seen standing but people didn’t know that it was dead. I think it’s important for Nigerians to understand this.”