News Desk
Anambra State Governor, Prof. Chukwuma Soludo, on Friday said that current macro-economic indices of the nation’s economy showed that President Bola Tinubu’s administration inherited an economy that could be compared to a dead horse but still standing.
Soludo, who made this remark when he featured in Channels Television programme’s Sunrise Daily, commended the Tinubu’s administration for removing fuel subsidy, which he described as a scam, as well as on its Naira exchange rate unification policy.
The foremost economist and former Central Bank Governor, when asked about his reaction to the latest comment by the President that it was not desirable to be spending 90% of the country’s revenue on debt servicing, said the fiscal stance was reasonable given the developmental challenges the government was contending with now.
He said:‘’With regards to the macro-economics of this country, that’s probably a subject for a whole programme and I only need to say to you and in empathy and commiserations for the economic team of the president.
“This government inherited, from a macroeconomic standpoint, I would say the economy was like a dead horse but standing, in macroeconomic terms and modelling through this over the coming months we will bumpy, no question about it.
“But I am glad that at least, the first salvo has been shot 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
‘’You have to realize the legacies, what you just narrated seem to be some of the legacies that the government met in terms of high debt service ratio to revenue, ways and means advances, literally the past administration printed over N23 trillion and poured into the system backed by nothing”, Soludo added..
According to him, now the government has to grapple with high inflation, the impact on exchange rate and all the disruptions, adding that he is willing to give the government the benefit of doubt as it has just set up an economic team, believing the team will get cracking on the FX rate volatility crisis and others.
The governor urged every Nigerian to offer whatever support and advice that can be offered to the new administration since Nigeria is our country.
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