Connect with us

Economy

Tinubu’s Reforms Saved Nigeria From Economic Collapse, But Long Way Still Ahead Says Soludo

Published

on

Universities To Combat Insecurity

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.

Universities To Combat Insecurity

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.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Published

on

By

Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

Continue Reading

Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

Published

on

By

EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

Continue Reading

Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

Published

on

By

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

Continue Reading

Trending