Buhari met a bad economy, but he has made it worse' - Soludo

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Former Central Bank of Nigeria (CBN) Governor Prof. Chukwuma Soludo has said even though the Muhammadu Buhari administration met a bad economy,he has made matters worse.



Soludo noted that the All Progressives Congress (APC) government promised to restructure the country but has regretfully jettisoned the idea.

“Politicians are always full of propaganda and falsehood but Nigeria will not be rescued by looking at government alone, only citizens united will come to the rescue,” he said.

The ex-CBN governor said only Nigerians can save the country from the “massive compression” that the economy is in.

“Until citizens hold them to jugular and ask them to deliver on their promise, Nigeria will continue to drift without united citizens action,” he said.

Soludo said everybody blames the leadership for every wrong while the citizens overlook their obligation to remedy bad situations.

He added that citizens can save the country through a new Nigeria.

The ex-CBN governor spoke in Enugu yesterday at the African Heritage Institution Policy debate, the Big Ideas podium.

Other speakers include former Cross River State Governor Donald Duke, member, Presidential Economic Advisory Board, Prof. Akpan Ekpo and former presidential Chief Economic Adviser and Director of Institute for Development Studies in the University of Nigeria, Prof. Osita Ogbu.

Soludo said: “Nigeria is a fragile state with failing economy and everybody wants leaders to do this or that but what do we do ourselves?

“By 2005, indices indicated Nigeria was in 54th position and we said we should do better but today we are 13th alongside countries like Afghanistan.

“This is serious and it won’t be a tea party to get out of it. Nigeria is in recession in Naira terms but in massive compression in terms of US dollar.

“Recession is a small thing and it would be a miracle if in the next eight years, this government can return dollar to the rate it met it.”

The economist stated that it was a big luxury for people to just mind their own businesses in a falling economy.

“We will get the leadership that we work for, that we demand for.

“If only the politicians can implement 20 per cent of their manifesto, what they promised in their campaigns, the country will change.

“We must all resolve to get our voices heard. Peaceful agitation must be tolerated because they call for our attention for perfection upon which we move Nigeria forward.”