Former Central Bank of Nigeria (CBN) Governor, Charles Soludo openly criticized the previous leadership of the CBN for engaging in unauthorized financial practices that contravened the CBN Act of 2007 and exacerbated the country's economic challenges. In a candid assessment on "Politics Today" via Channels TV, Soludo detailed how past fiscal mismanagement, including illegal grants amounting to trillions of Naira and unwarranted money printing, have led to significant currency depreciation and left the economy in a dire state.
Soludo referred to the current economic situation as akin to a 'dead horse', suggesting that the economy only appeared viable but was fundamentally flawed and unsustainable. This legacy, he indicated, was passed down from Muhammadu Buhari's administration to President Bola Tinubu's current government.
In light of these revelations, President Tinubu is reportedly dealing with severe fiscal and infrastructural deficits. During discussions for a loan in Saudi Arabia, Tinubu acknowledged these gaps, which are critical issues his administration must address. The former governor urged Nigerians to exercise patience as the current government strives to rectify the inherited economic problems.
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