Anambra State Governor and former Central Bank of Nigeria (CBN) chief, Professor Charles Chukwuma Soludo, has thrown his weight behind the economic reforms initiated by President Bola Ahmed Tinubu, describing them as bold interventions that saved Nigeria from imminent economic collapse.
Speaking on Thursday at The Platform, a special Democracy Day symposium hosted by The Covenant Nation in Lagos, Soludo acknowledged the hardship Nigerians have faced but insisted that the current administration’s decisions were necessary to reset a stalled economy.
“I know I may disappoint some who expect me to criticise the government or present a new economic blueprint,” Soludo said to a packed audience in the church auditorium at Iganmu. “But I must say this without hesitation: the audacious structural reforms by President Tinubu’s administration have rescued the Nigerian economy from a tipping point.”
Since taking office in May 2023, President Tinubu has embarked on a series of economic overhauls, most notably the removal of the decades-long petrol subsidy and the unification of Nigeria’s multiple exchange rates. While these policies have sparked inflationary pressures, affecting everything from food prices to transport costs, Soludo argues that inaction would have been far worse.
“We were at a place where the economy could barely move,” Soludo explained. “Subsidies were unsustainable, and the foreign exchange market was riddled with distortions. These reforms may be painful now, but they have allowed the economy to breathe again.”
Soludo, who served as CBN Governor between 2004 and 2009, is known for his directness when it comes to economic matters. On Thursday, he used the Democracy Day platform to both affirm the necessity of the Tinubu administration’s policies and challenge fellow economists to move beyond surface-level critiques.
“There is still a lot to be done, yes. But we must give credit where it is due,” he said. “The international community, the World Bank, IMF, and even global media outlets like the Financial Times, are all watching and acknowledging that we are finally making tough but overdue decisions.”
Recalling his own time in office, Soludo shared that he once rejected a World Bank loan due to terms he considered unfair, yet he emphasized that Nigeria’s current reform direction aligns with the assessments of these global institutions.
“When the World Bank criticises a government, many rush to quote them. But when they praise reforms, some dismiss them as neoliberal or out of touch. We can’t cherry-pick. We must be intellectually honest,” he stated.
In a moment of candor, Soludo referenced a friend who once told him, “The past is always easy, especially if you’re not the one who lived it.” He used the quote to urge critics to avoid easy nostalgia and instead focus on offering rigorous, fact-based alternatives to current policies.
The Platform event drew a diverse gathering of high-profile Nigerians, including former Independent National Electoral Commission (INEC) Chairman Attahiru Jega, former Minister of Works and Housing Babatunde Fashola, and other government officials and policy influencers. The event served as one of the major highlights of the country’s Democracy Day celebrations, commemorating the historic June 12, 1993, elections.
Soludo’s remarks were particularly poignant on a day meant for national reflection.
“Yes, Nigerians are suffering,” he admitted. “But let us not forget that many of these reforms are about laying a foundation, not for short-term applause but for long-term prosperity.”
He also urged President Tinubu and his team not to waver in the face of growing public discontent.
“These are not easy choices. But leadership is about doing what is right, not what is easy. My advice to the President: stay the course. Engage citizens, listen more, and communicate the vision clearly.”
The governor’s balanced stance, acknowledging present struggles while defending difficult decisions, stood in contrast to the often polarised national discourse around Tinubu’s economic strategy. His message was clear: reform is never painless, but it is sometimes the only path to renewal.
As Nigeria continues to wrestle with rising inflation, a weakened naira, and widespread public discontent, Soludo’s intervention serves as both a vote of confidence and a call for responsible governance and civic engagement.
“We have to go deeper. Social media hot-takes won’t solve our economic problems. Let’s challenge each other, leaders and citizens alike, to think critically and act courageously,” he concluded.
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