SOLUDO: PRESIDENT TINUBU RESCUED THE ECONOMY FROM THE TIPPING POINT, RETURNED PUBLIC FINANCE TO SOLVENCY

By Chukwuma Soludo

Governor Chukwuma Soludo of Anambra State has declared that President Bola Tinubu’s administration salvaged Nigeria’s public finances from the brink of collapse.

In an address delivered on June 12 at The Platform Nigeria, hosted by Pastor Poju Oyemade and The Covenant Nation, Governor Soludo praised President Tinubu’s economic reforms. He called for a nationwide ethical and ideological rebirth to drive sustainable national development.

Speaking on the theme “Rebuilding Our Nation,” Soludo urged political parties across the country to unite along ideological lines as a first step toward a new, issue-based political culture.

“The audacious structural reforms embarked upon by the current administration of HE Bola Ahmed Tinubu have rescued the economy from the tipping point.

“The endorsements by the World Bank, IMF, London Financial Times, rating agencies—Fitch, Moody’s, are well deserved.

“Many people know that I made a living criticising the World Bank and the IMF. As Governor of Anambra, I have even rejected a World Bank loan because of the terms. On the trajectory of the current economic reforms, the World Bank, etc, are largely right. Funny enough, when these institutions criticise the government, some people use them to validate their criticisms, but when the same institutions give a positive report, they are derided as “neoliberal, out-of-touch institutions”.

“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 solvency, with potentially catastrophic consequences, including possible mass retrenchment of workers and/or arrears of salaries and pensions. Public finance is back on a solvency path, and macro fundamentals are recovering positively,” Soludo said.

Acknowledging the broad spectrum of expert opinions on Nigeria’s economic outlook, Soludo urged public commentators to adopt a more rigorous, evidence-based approach to economic critique.

“Many analysts have interesting ‘opinions’, but I urge them to go deeper: conduct rigorous counterfactual analysis and provide credible alternatives! As a friend said recently, the task is always easy, especially if you are not the one doing it,” he said.

While recognising that the list of proposed national reforms, from constitutional restructuring and security to infrastructure and anti-corruption, is extensive, the former CBN Governor emphasised that the critical issue is how to implement such reforms effectively within a resource-constrained and unequal society.

Beyond the economy, the Anambra governor, who is also the leader of the All Progressives Grand Alliance, stressed that Nigeria’s future rests on the character and values of its citizens, not just leadership.

He called for a nationwide ethical renewal and strategic investment in the Nigerian people to inspire patriotism and selfless service.

“We must deliberately create a critical mass of ‘new Nigerians’—who believe in her and are ready, if necessary, to die for her.

“The struggle for liberation from colonialism would not have been possible without the nationalists of the time, and the current struggle to liberate her from underdevelopment cannot be sustainable with ‘neo-nationalists’ of today.

“No nation has prospered sustainably without a critical mass of patriotic, vigilant and actively participatory citizenry,” he said.

The governor lamented the erosion of Nigeria’s traditional values of hard work, integrity, and enterprise, warning against a growing national culture that glorifies unearned wealth and shortcuts to success:

“The ‘culture’ that celebrates and expects something for nothing or wealth without work must give way to a culture that rewards and celebrates hard work, enterprise and integrity. In a society where no one asks/cares about sources of livelihood or where most people expect and celebrate unearned/free money, transactional governance will always trump transformational leadership.”

Soludo pointed to recent Federal and Anambra state government initiatives as foundational investments that could foster a new generation of patriotic citizens.

These include the federal government’s NELFUND student loan scheme, Anambra’s One Youth, Two Skills program, and increased spending on free education and healthcare.

“The shortest answer is to give the citizens stakes in the society by investing in their future… These programs excite the youths/students and could hopefully create ‘stakeholders’ in future projects,” he said.

He called for a national effort to combat widespread beliefs in magical wealth, saying this mindset must be legislated against, tackled through education, and countered through cultural influence, particularly in the media.

“It is my thesis that a society where no one asks/cares about sources of livelihood or where most people expect and celebrate unearned/free money is one where transactional governance will always trump transformational leadership.”

Emphasising the need for unity around progressive values and the ideological realignment of Nigeria’s political order, the governor said:

“We must break this vicious ‘culture’ and intentionally promote ethical-value rebirth. This is a national emergency requiring urgent national conversation.”

…Onanuga

Special Adviser to the President

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June 13, 2025