Soludo said Tinubu’s economic reform avoided Nigeria’s total collapse

The Governor of the State Anambra and former Head of the Nigerian Central Bank (CBN), Professor Charles Chukwuma Soludo, had threw his weight behind the economic reform initiated by the President of the Bola Ahmed Tinubu, describing them as a brave intervention that saved Nigeria from the economic collapse that would soon occur.

Speaking on Thursday at the platform, the special democratic day symposium organized by the nation of agreement in Lagos, Soludo acknowledged the difficulties faced by Nigeria but insisted that the current government decisions were needed to rearrange the economy that was stopped.

“I know that I might disappoint some people who expect me to criticize the government or present a new economic blueprint,” Soludo told a crowded audience at the Church Auditorium in Iganmu. “But I have to say this without hesitation -doubtful: structural reforms that are brave by the government of President Tinubu have saved the Nigerian economy from a critical point.”

Since serving in May 2023, President Tinubu has begun a series of economic reshuffles, especially the removal of gasoline subsidies for decades and the unification of Nigerian double exchange rates. While this policy has triggered inflationary pressure, affecting everything from food prices to transportation costs, Soludo argues that the lackerness will be much worse.

“We are in a place where the economy can barely move,” Soludo explained. “Subsidies are not sustainable, and the foreign exchange market is full of distortion. This reform may be painful now, but they have allowed the economy to breathe again.”

Soludo, who served as Governor of CBN between 2004 and 2009, was known for its extension in terms of economic problems. On Thursday, he used the Democracy Day platform to emphasize the need for the policy of the Tinubu government and challenged fellow economists to move beyond the surface level criticism.

“There is still much to do, yes. But we have to give credit where it is due,” he said. “The international community, the World Bank, IMF, and even global media outlets such as the Financial Times, all watched and recognized that we finally made a difficult but late decision.”

Considering his own time in the office, Soludo shared that he had refused World Bank loans because the requirements he considered unfair, but he stressed that the direction of Nigerian reform is currently in line with the assessment of this global institution.

“When the World Bank criticizes the government, many are in a hurry to quote them. But when they praise reforms, some consider them neoliberal or unrelated. We cannot choose cherries. We must be intellectually honest,” he said.

In a moment of openness, Soludo referred a friend who had told him, “The past is always easy, especially if you are not someone who lives it.” He uses a quote to urge critics to avoid easy nostalgia and vice versa focus on offering strict alternatives and facts based on current policies.

This platform event attracted a meeting of various famous Nigerians, including the former Chairman of the Independent National Election Commission (Inec) Attahiru Jega, former Minister of Work and Housing Babatunde Fashola, and other government officials and policy influences. This event functions as one of the main focus of the celebration of the country’s democratic day, commemorating the General Election on June 12, 1993.

Soludo’s statement was very painful on the day intended for national reflection.

“Yes, Nigerians suffer,” he admitted. “But we should not forget that many of these reforms are about laying the foundation, not for short -term applause but for long -term prosperity.”

He also urged President Tinubu and his team not to sway in the face of growing public dissatisfaction.

“This is not an easy choice. But leadership is about doing what is right, not what is easy. My advice to the President: Stay courses. Involve citizens, listen more, and communicate the vision clearly.”

The Governor’s balanced attitude, acknowledged the current struggle while defending a difficult decision, standing different from the national discourse that is often polarized about the Tinubu Economic Strategy. The message is clear: Reformation is never painful, but sometimes one way to the renewal.

When Nigeria continues to wrestle with increasing inflation, weakening Naira, and widespread public dissatisfaction, soludo intervention functions both as a voice of trust and call for responsible governance and civilian involvement.

“We must go deeper. Social Media Hotakes will not solve our economic problems. Let’s challenge each other, leaders and citizens, to think critically and act boldly,” he concluded.