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.
Okpebholo Threatening Me With Violence, I’ll Fight Back Says Obaseki
Okpebholo threatening me with violence, I’ll fight back says Obaseki. Godwin Obaseki, the immediate past governor of Edo, has accused Monday Okpebholo, his successor, of threatening him with violence. Obaseki spoke during the weekend at an event in London, the United Kingdom.
BACKGROUND
Since assuming office in November 2024, Okpebholo has initiated a series of actions aimed at scrutinising Obaseki’s tenure.
He first constituted a 14-member committee to investigate the assets, liabilities, contracts, and financial decisions made under Obaseki.
Okpebholo then expanded the scrutiny to the state civil service, ordering a probe into all recruitments conducted between May and November 2024, alleging a violation of due process.
Last week, Okpebholo asked the federal government to repatriate Obaseki to answer questions over public funds linked to the controversial Museum of West African Art (MOWAA) project.
‘OKPEBHOLO THREATENING ME’
Obaseki said the governor is threatening him with violence and allegedly sent thugs to attack him in the UK.
“Those who live by the sword will die by the sword,” Obaseki said. “And to tell the governor, Okpebholo, I don’t know him; I have never met him. When you start with violence, you will reap violence.
“For one year since I left office, I didn’t say one word. I decided to respect myself and allow them to try [in governance] as well. Go and find out, you won’t see one thing I said about his government.”
He accused Okpebholo’s government of being behind the attack on diplomats during the exhibition in MOWAA.
“As if that was not enough, the government paid people to come to Manchester to attack me,” he said.
“Who has started this violence? Is it me? Last week, this governor held a disgraceful press conference in which he threatened me not to come to Benin.
Obaseki
“They have been threatening violence. So if I respond, nobody should hold me responsible. “I can’t leave myself empty to be hurt and attacked by deranged people.
“So I am going to fight back. I will fight back. I didn’t start the fight. They are afraid. They know they did not win the election.”
Jigawa: 9,600 Teachers Register For Special Training
Jigawa: 9,600 teachers register for special training. No fewer than 9,600 teachers under the Jigawa State Universal Basic Education Board (SUBEB) registered for a competency test to determine the specific training required to improve their skills and enhance teaching outcomes in the state.
The Executive Chairman of the Board, Professor Haruna Musa, revealed this while briefing journalists on the purpose of the examination, adding that 12,000 teachers were expected to register for the exam.
He explained that the state government, under the leadership of Governor Malam Umar Namadi, was committed to repositioning the state education sector as a key foundation for sustainable development, in line with its “12-Point Agenda.”
Prof. Haruna noted that while the government has been spending significant resources to improve educational infrastructure, meaningful learning improvements cannot be achieved without also enhancing the capabilities of teachers.
“Based on that, the State Executive Council approved for the board to organise a competency test for all teachers. This will enable us to understand the kind of training each teacher requires to improve his or her skills”.
“Out of the 9,600 teachers registered for the exam, over 70% have never attended any capacity-building training since they were employed, including some with over 15 years of service,” the Chairman added.
Teachers Register For Special Training
He stated that after the exam, the teachers will be categorised into three groups: Group A, those with both knowledge and teaching skills; Group B, those with knowledge but lacking teaching skills; and Group C, those lacking both knowledge and teaching skills.
“Each group will be offered specialised training. Those in Group C will undergo intensive training and subsequent examinations for a period to ensure they are equipped with the required knowledge and skills”.
“For those with slower learning uptake, we will attach them to competent teachers within their schools for ongoing guidance and mentorship,” Prof Haruna said.
He further stated that the project is not about retrenchment, but his primary goal is to enhance teachers’ capacity for better learning outcomes within the state’s basic education sector.
PFA: Leadway Pensure Leverages Innovations For Quality Service Delivery
PFA: Leadway pensure leverages innovations for quality service delivery. A Pension Fund Administrator (PFA), Leadway Pensure said, it is leveraging innovation to escalate quality
service delivery to its retirement savings account (RSA) holders. This milestone marks 20 years of trust, exceptional service delivery, and value creation as it celebrates its anniversary. It highlights two decades of dedication to protecting the financial wellness of Nigerian workers.
Over the last 20 years, the PFA has served thousands of customers across Nigeria and beyond, standing as a clear testament to its commitment to providing financial stability at various stages of workers’ career journeys.
Speaking on this remarkable achievement, MD/CEO, Leadway Pensure PFA, Olusakin Labeodan, stated that: “As we celebrate 20 years of Leadway Pensure PFA, this milestone is more than a celebration of longevity, it is a tribute to trust, service and innovation.
From the very beginning, our mission has been very clear, to deliver a pension system without barriersOver two decades, we have transformed this vision into reality by simplifying pension access, embracing cutting-edge technology, and ensuring our services are always within reach. With a nationwide presence, a robust mobile platform, and the AI-powered assistant LISA, we have made pension services accessible to eligible Nigerians.
“We have supported countless customers in achieving life goals, from retirement to home ownership, by ensuring access, clarity and care at every step. This is a testament to the strong relationships and legacy we have built with every customer. Trust is at the heart of our service, propelling us to uphold world-class standards and earning us global certifications such as ISO/IEC 27001:2022 for information security, a mark of our unwavering commitment to safeguarding our customers’ funds. ”
Leadway Pensure
Looking ahead, the company said, it is committed to promoting youth-focused financial literacy, growing personal pension plans and strengthening customer engagement across every stage of the pension journey.
“The next years and beyond will be shaped by the same dedication that brought us this far, a future-forward mindset, a culture of excellence, and an unyielding promise to stand by our customers every step of the way,” Olusakin concluded.
As it commemorates 20 years of service, Leadway Pensure reaffirms its commitment to simplifying retirement planning, delivering consistent value, and driving financial inclusion across Nigeria.
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