Tinubu inherited a dead economy - Soludo says

Former Central Bank of Nigeria Governor and current Anambra State Governor, Charles Soludo, recently highlighted the economic challenges faced by President Bola Tinubu's administration, characterizing the state of the economy as being inherited in a dire condition.

During an appearance on Channels TV's Politics Today, Soludo emphasized how Tinubu's government took charge of what he termed a "dead economy." 

He attributed this situation to past violations of the apex bank's regulations, particularly concerning deficit financing that exceeded the prescribed limit of five percent of prior year revenues.

Soludo criticized the previous management of the Central Bank for allegedly granting trillions in unbacked financing, a clear violation of established legal restrictions. 

According to him, the law enacted in 2007 explicitly forbade the Central Bank from advancing ways and means beyond the specified limit and required any advances made to be retired within the same year.

Highlighting the issue of money printing without sufficient backing, Soludo stressed the detrimental impact of printing trillions without proper financial support. 

He argued that this practice left the current administration with an economic landscape that appeared functional but was essentially in a state of distress.

Soludo urged Nigerians to grasp the severity of the economic challenges faced by the current government, emphasizing the need to comprehend the inherited economic situation accurately.