ABUJA, Nigeria — Governor Chukwuma Soludo of Anambra State offered a grim assessment of the economic challenges facing Nigeria’s President Bola Tinubu, likening the situation to inheriting a “dead horse but standing.”
The remarks came during an interview on Channels Television’s Sunrise Daily on Friday, September 1, 2023, in which the governor expressed empathy for the President’s economic team.
“This government inherited, from a macroeconomic standpoint, I would say the economy was like a dead horse but standing, in macroeconomic terms and modelling through this over the coming months will be bumpy, no question about it,” Governor Soludo explained.
His comments come amid rising concerns over the Nigerian economy, particularly after the Naira was declared the worst-performing African currency over three months, despite Nigeria having the continent’s largest economy.
Soludo, however, praised President Tinubu for taking “courageous” steps to address the nation’s financial woes.
Specifically, he lauded the decision to eliminate the petrol subsidy, a move he described as targeting an “obnoxious scam.”
He also noted the President’s efforts to deal with exchange rate issues that have caused the Naira to plummet against the United States Dollar.
The governor’s statements can be seen as particularly significant given his own background in economics and his previous role as the Governor of the Central Bank of Nigeria.
His views echo those of many economic experts who believe that despite its challenges, the country must make painful adjustments to set the economy on a more sustainable path.
“The road ahead will be bumpy, but necessary changes are being made,” Soludo added.
“These are courageous steps that had to be taken to stabilize the economy and give it a chance for growth.”
President Tinubu has indeed been facing enormous challenges since his inauguration, including public protests led by the Nigeria Labour Congress against the removal of fuel subsidies.
There have also been concerns about the government spending 90% of its revenue on external debt service, a policy that the President has been openly against.
As President Tinubu and his economic team navigate these challenging waters, Governor Soludo’s comments serve as both a stark reminder of the difficulties ahead and a nod to the bold actions already taken.
Only time will tell if these measures will be sufficient to revive what has been described as a “dead horse” of an economy.
