Economy
Tinubu’s Reforms Saved Nigeria From Economic Collapse, But Long Way Still Ahead Says Soludo
Tinubu’s Reforms Saved Nigeria From Economic Collapse, But Long Way Still Ahead Says Soludo
Tinubu’s reforms saved Nigeria from economic collapse, but long way still ahead Says Soludo. Charles Soludo, Anambra governor, says President Bola Tinubu’s economic reforms rescued Nigeria from the brink of collapse and restored the country’s public finance to a solvent path.
Soludo spoke on Thursday at The Platform, a policy and leadership forum, in Lagos.
The former central bank governor said Nigeria’s economy was akin to a “standing dead horse” when the current administration assumed office in May 2023.
He said the removal of petrol subsidy, unification of the exchange rate, and other structural adjustments were necessary and overdue, describing them as “a fundamental rejigging” needed to keep the economy breathing.
“I’m not shy to say this, that the audacious structural reforms embarked upon by the current administration of His Excellency Bola Ahmed, have rescued the economy from the tipping point,” Soludo said.
“The endorsements by the World Bank, the IMF, the London Financial Times, rating agencies such as Fitch, Moody’s, etc., in my view, are well deserved. Of course, many people know that I made a living criticising the World Bank and the IMF.
“In 2023, I had described the state of the economy when this government assumed office as akin to a standing dead horse.
“And public finance was about to tip from insolvency, with potential catastrophic consequences, including possible mass retrenchment of workers and/or arrears of salaries and pension.
“You see, when the previous administration passed the 2023 budget that had a clause that subsidies will end by end of June, it was an indication we had reached the end. You could go no further.
“Printing of money illegally — up to N20 something trillion — was tipping Nigeria’s economy into the Atlantic Ocean. What we had in 2023 was a fiscal dead-end.”
‘NO SHORTCUT TO MACRO STABILITY’
The former CBN chief also warned that stabilising Nigeria’s economy would remain a painful process, especially as the country grapples with high inflation and weak infrastructure.
However, he said the reforms have restored investor confidence and reopened the door for capital inflows.
Soludo urged critics to offer credible alternatives backed by rigorous analysis, rather than broad slogans.
“It’s always easy when you’re not the one doing the work,” he said.
“People say ‘just fix electricity’, as though there’s a tap somewhere you just switch on. We need to be serious and go beyond surface-level commentary.”
‘I ADVISED THE CBN GOVERNOR TO OBEY THE WAYS AND MEANS LAW OR AMEND IT’
Soludo also revisited past criticisms of the Buhari administration’s fiscal practices, particularly the abuse of ways and means advances by the former leadership of the CBN.
He said under the law, the CBN was not permitted to lend more than N500 billion to the federal government, yet it illegally printed over N20 trillion, flooding the system with liquidity and accelerating inflation.
“At a meeting, I told the CBN governor at the time: obey the law or amend the law,” the governor said.
“His response was, ‘come and imprison me. I’m helping the country.’ That kind of recklessness brought us to the brink.
Tinubu
“I knew that that particular act of printing money, and they printed up to 20-something trillion, and poured into the system, and you expect the exchange rate to remain the same, inflation to remain the same, and so on and so forth. That’s a joke. Elementary economics tells us that that was a recipe for disaster.”
While expressing confidence in the current administration, Soludo acknowledged the “long list” of unresolved national challenges, including energy reform, poverty, insecurity, and corruption.
He argued that sustainable development would require strong institutions, ethical leadership, and a more productive citizenry.
“Everyone has a diagnosis, and the list of what to fix is long. But the challenge is how to fix them given our resource constraints and competing priorities,” he added.
The governor said complaints alone will not build a prosperous nation.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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