By Kazeem Ugbodaga
Anambra State Governor, Professor Chukwuma Charles Soludo, has credited President Bola Ahmed Tinubu with rescuing Nigeria’s economy from imminent collapse and steering the nation’s public finances back towards solvency.
Speaking at The Platform Nigeria, hosted by Pastor Poju Oyemade and The Covenant Nation on June 12, Governor Soludo commended the Tinubu administration’s bold economic reforms, which he described as crucial in averting a financial disaster.
“In 2023, I likened Nigeria’s economy to a standing dead horse,” Soludo said.
“Public finance was at the brink—on the verge of insolvency, with looming threats such as mass layoffs and unpaid salaries or pensions. Today, those dire prospects have been averted. Macroeconomic fundamentals are showing positive signs of recovery, and public finance is back on a sustainable path.”
Describing Tinubu’s reforms as “audacious and structural,” the former Central Bank Governor said they had drawn deserved praise from international institutions including the World Bank, IMF, Fitch Ratings, Moody’s, and the Financial Times of London.
Soludo, known for his past criticism of multilateral lenders, acknowledged a shift in perspective. “I’ve made a career out of criticising the World Bank and IMF,” he said.
“As governor, I even turned down a World Bank loan due to unfavourable terms. But based on the current reform trajectory, their endorsements are largely accurate. Curiously, some Nigerians only trust these institutions when they are critical of government, but dismiss them as ‘neoliberal and out of touch’ when they offer praise.”
Soludo urged a shift in the national discourse, calling on analysts and commentators to go beyond surface-level critique. “Opinion is not analysis,” he said. “Let’s demand rigorous, evidence-based assessments, and credible alternatives. It’s easy to criticise—especially when you’re not the one doing the work.”
He also made a broader call for national renewal, emphasising the need for a shared moral and ideological framework that transcends political affiliations.
“If we are to rebuild Nigeria,” he stated, “we must reorganise our politics along ideological lines and champion a values-driven civic culture.”
Soludo warned that Nigeria’s development challenges extend beyond economic policy. He identified the erosion of societal values—particularly the glorification of unearned wealth and shortcuts to success—as a significant national threat.
“The pervasive ‘culture’ that celebrates wealth without work must give way to one that honours integrity, enterprise, and diligence,” he said.
“In a society where no one questions the source of livelihood, transactional governance will always overshadow transformational leadership.”
He called for a nationwide moral renaissance and investment in the Nigerian people as a long-term strategy to cultivate patriotism and civic responsibility.
“No nation can sustain progress without a critical mass of citizens who are patriotic, vigilant, and actively engaged. We must raise a new generation of Nigerians who believe in this country enough to fight for her future.”
Citing examples of such forward-looking investments, Soludo referenced initiatives like the federal NELFUND student loan scheme and Anambra’s One Youth, Two Skills programme, along with expanded access to education and healthcare.
“These programmes offer young people a stake in the future,” he explained. “They are foundational to building a sense of ownership and national identity.”
To counter what he described as a growing belief in “magical wealth,” Soludo called for a national campaign to change public attitudes, combining legislation, education, and media influence.
He concluded with a call for collective responsibility and urgent action: “We must break this toxic culture and intentionally foster a rebirth of ethical values. This is a national emergency. It requires a coordinated, honest, and inclusive national conversation.”
