Anambra State Governor Charles Soludo has said President Bola Tinubu’s administration inherited a “dead economy” left behind by his predecessors.
The former governor of the Central Bank of Nigeria said this on Channels TV’s Politics on Thursday. On the 23rd, while analyzing the decline of the Naira under the new administration
Soludo said Tinubu’s government inherited an economy that was dead before it came to power.
He blamed this on the violation of the law creating the Apex Bank, which prohibits deficit financing exceeding 5 percent of the previous year’s profits. He accused the former CBN of illegally disbursing unsecured funds worth trillions of dollars despite legal restrictions.
“We make it clear in the law that you cannot give the federal government more than 5 percent of your actual income from the previous year,” he said. And in this way what is given will be withdrawn before the end of the given year. And if the federal government can’t retire, the central bank is barred by law from making further progress. This is the Central Bank Act 2007.
“However, we Nigerians have seen that the CBN continues to print money illegally and grossly violates this law every year. At this time the payment of the advance is not guaranteed by anything. Giving the federal government a loan of N4 trillion, N10 trillion, N15 trillion will keep us going.
“I’ve said it before. This particular government inherited a microeconomically dead economy, this government inherited a dead horse that was standing but the people didn’t know it was dead. I think it is important that Nigerians understand that.”