Tinubu’s Audacious Reforms Prevented Economic Collapse — Soludo

Anambra State governor, Prof. Charles Soludo, has stated that President Bola Tinubu’s “audacious” structural reforms averted a total collapse of Nigeria’s economy.

Speaking at The Platform, a special Democracy Day edition organised by The Covenant Nation church in the Iganmu area of Lagos State on Thursday, the former Central Bank governor praised the administration’s bold economic decisions, which he said have stabilised a dangerously deteriorating economy.

“I’d disappoint many who would expect me to comment harshly on the economy or offer yet another blueprint for economic reforms.

“I’m not shy to say this: the audacious structural reforms embarked upon by the current administration of President Bola Tinubu have rescued the economy from the tipping point,” Soludo stated.

Soludo, known for his frank stance on national economic issues, pointed to the global recognition Nigeria has received in the wake of the reforms.

“The endorsement by the World Bank, the IMF, the London Financial Times, and more in Nigeria is well deserved,” he said.

Drawing from his own past in monetary leadership, Soludo disclosed that he once rejected World Bank loans due to unfavourable conditions, but now acknowledges that these global institutions have correctly assessed Nigeria’s current reform path.

“On the matter of the trajectory of the current economic reforms, the World Bank and others, in my view, are largely right,” he said.

“When these institutions criticise the government, some people use them as validation of their own criticism. But when the same institutions give a positive report, they are derided as ‘neoliberal, out-of-touch’ institutions. We can’t have it both ways.”

Since assuming office in May 2023, President Tinubu has introduced major economic changes, including the removal of petrol subsidies and the unification of multiple foreign exchange windows.

Soludo argued that subsidy removal and exchange rate unification were overdue moves that gave the economy room to “breathe again.” Without them, he warned, Nigeria would have remained economically stagnant.

“If we didn’t do the kind of subsidy removal and deal with the exchange rate issues, we would have reached a point where the economy was just standing still,” he said.

“We needed fundamental rejigging—and thank God, at least, we are here.”

While admitting that Nigeria’s economic recovery remains a work in progress, the Anambra Governor encouraged the Tinubu administration to stay committed to its current path.

“There’s still a lot to be done, but I urge the President and his team to stay the course. Commentators must go beyond opinions to offer factual analysis and credible alternatives,” he said.

Quoting a friend, Soludo added, “The past is always easy—especially if you’re not the one doing it.”

Held in commemoration of Nigeria’s Democracy Day, Thursday’s event featured several high-profile guests, including former INEC chairman, Prof. Attahiru Jega, former Minister of Works and Housing, Babatunde Fashola, state governors, and others.