By Ayomide Otitoju
Anambra State Governor and former Central Bank of Nigeria (CBN) Governor, Prof. Charles Soludo, has commended President Bola Tinubu’s administration for its bold economic reforms, describing them as critical interventions that averted a total collapse of Nigeria’s economy.
Speaking during The Platform, a special Democracy Day event organised by The Covenant Nation in Lagos on Thursday, Soludo praised what he called the President’s “audacious” structural adjustments, stating that they helped stabilise an economy teetering on the brink.
“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 said.
Since assuming office in May 2023, Tinubu’s administration has introduced sweeping policy changes, including the removal of petrol subsidies and the unification of the country’s multiple foreign exchange windows. While the reforms have triggered spikes in transportation, energy, and food prices, the government maintains that the policies are essential for long-term fiscal sustainability.
Soludo, known for his candid economic commentary, said the reform agenda has earned Nigeria international credibility. “The endorsement by the World Bank, the IMF, the London Financial Times, and more is well deserved,” he noted.
Drawing from his own experience as CBN Governor, Soludo revealed that he had previously turned down World Bank loans due to stringent conditions but acknowledged that global financial institutions had accurately assessed Nigeria’s reform direction.
“On the matter of the trajectory of the current economic reforms, the World Bank and others, in my view, are largely right,” he said. “We can’t cherry-pick their reports—praising them when they criticise and discrediting them when they approve.”
He specifically highlighted subsidy removal and forex unification as pivotal actions that gave the economy room to breathe.
“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. We needed fundamental rejigging,” he said.
Soludo, however, stressed that the reform journey is far from over and urged the Tinubu administration to remain committed to its policy direction.
“There is still a lot more to do, but I urge the President and his team to steer the course,” he said, calling on analysts to offer constructive, evidence-based alternatives rather than mere criticism.
The Democracy Day edition of The Platform also featured prominent national figures including former INEC Chairman Prof. Attahiru Jega, former Minister of Works and Housing Babatunde Fashola, and several state governors.
