The governor of Anambra, Chukwuma Soludo, claims that President Bola Tinubu’s administration inherited a dead economy.
Soludo made the remarks during a Channels Television interview on Thursday.
The Anambra governor said Nigerians watched the Central Bank of Nigeria (CBN) producing money “brazenly and illegally” during the previous administration.
According to Soludo, some clauses of the CBN Act 2007, which were introduced during his tenure as governor of the national bank, curtailed the bank’s ability to provide advances to the federal government.
He accused the previous administration’s CBN management of breaking the legislation.
The former CBN governor described the economy inherited by the Tinubu administration as a “dead horse” that is still standing.
“We saw the CBN brazenly and illegally violated that act (referring to the CBN act) and kept printing money,” Soludo said.
“We sat here in this country and saw the monetary authorities literally printing money, illegally I must say, because I superintended the development of drafting of the 2007 Bank Act.
“And to prevent us from where we are today, that is why we had an explicit clause there that prevents Central Bank from lending recklessly to the Federal Government.
“That you cannot grant to the Federal Government more than 5 percent of the previous year’s actual revenue.
“This particular government inherited a dead economy. From a macroeconomic point of view, this government inherited a dead economy like a dead horse that is still standing.
“But people did not know it was dead. You cannot pour water on a rock and expect that the rock will not be wet.
“There are humongous challenges and I think it is important that Nigerians understand this and it is not a tea party.”
