November 23, (THEWILL) – Former President, Muhammadu Buhari, handed over a dead economy to President Bola Tinubu, Anambra state governor, Charles Soludo, said on Thursday.
“This President inherited a dead economy. From a macroeconomic point of view, this government inherited a dead horse that was still standing and people didn’t know it was dead.
“Because you can’t pour water on a rock and not expect the rock not to be wet, there are humongous challenges and I think it is important that Nigerians understand this and it is not a tea party”, Soludo said on Thursday, while commenting on policies of the Central Bank of Nigeria (CBN), in an interview on Channels Television’s Politics Today programme.
Soludo, who explained his role in putting curbs on monetary structures when he headed the apex bank between 2004 and 2009, also accused the CBN of illegally printing money,
“We must realise where we are coming from. 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 the Central Bank from lending recklessly to the Federal Government. That you can not grant to the Federal Government more than 5 per cent of the previous year’s actual revenue.
“We all sat here and saw how the CBN brazenly, illegally violated that law year after year and kept on printing money.
“When you continue to credit the account of the government, one trillion people shouted, two trillion,10 trillion, 15 trillion and 20 trillion and we kept going”, he said.
