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President Buhari made Nigeria’s Already Bad Economy Worse – Soludo



Professor Charles Soludo

Former Central Bank of Nigeria (CBN) Governor, Professor Chukwuma Soludo has slammed the President Muhammadu Buhari-led government for plunging Nigeria deep into economic crisis, PUNCH reports.

Soludo, who agreed that Buhari inherited a bad economy, said that the administration made it worse.

Soludo was speaking at a public policy debate tagged “Big Ideas Podium” and organised by Afri Heritage Institution, Enugu.

Other speakers include former Cross River State Governor, Donald Duke; a former Chief Economic Adviser to the President, Prof. Osita Ogbu; and a member of the Presidential Economic Advisory Board, Prof. Akpan Ekpo.

Soludo while speaking on the theme of the debate, ‘Prognosis of the Nigerian Economy 2017’ said:

Buhari met a very bad situation when he assumed power, but he has made the situation worse. Nigeria today is a fragile state with a failing economy. Some say failing state; some say failed state.

The economy is not just in recession; we are suffering from massive economic compression. Saying it is recession trivialises the issue.

It will be a miracle if after eight years, by the time it leaves office in 2023, the current administration is able to return the economy in dollar terms to the exchange rate it met when it took over.

The truth is this government inherited a very bad situation, but it has made it very much worse.



Soludo canvassed for a “Citizens United” campaign to put government on its toes, while criticising what he described as the “official policy of waiting for the oil price to rise”.

“Only citizens united can rescue Nigeria, not just the government alone. It is a big luxury for anybody to say I am minding my business, because what others do will come to mind your own business for you sooner than later.

We can’t get the leadership that we desire but we can get the leadership that we demand and work for. If only each party or government implements 25 per cent of their promises, Nigeria will be a great country.

If you see the governments run by APC, PDP and APGA, they are all the same, because Nigerians don’t hold them accountable. We must resolve as citizens not to let government off again; peaceful agitation must be encouraged and tolerated in this country. Everybody must be allowed to have a voice.

For example, the APC promised us that they were going to restructure Nigeria; before the elections, they said the current structure was not working, they said that Nigeria was becoming a failed state; but now, they are in power and they are not getting it done.

Unless we citizens rise up and tell the government ‘deliver on what you promised’, they will not get it done,” Soludo said.

Soludo added:

Nigeria is not working in anybody’s interest except that of the privileged few and because of this, there is an obsession with unnecessary distractions, like which part of the country produces the President. You can have the President, the Vice President and all the ministers from one village and the life of the ordinary people from that village will not move from point A to point B.

The North has ruled the country for several years, but poverty, to a very large extent, is a northern problem.

In the last dispensation, we had Jonathan as President, the Finance ministry and almost all the financial institutions of government were headed by Igbos then, but we still don’t have any motorable federal road in Igboland.

Change is a struggle; change is never given by a benevolent elite; no change is given by the government, the people always had to ask for change. Nigeria has been waiting for a benevolent leader since 1960 but he has not come. You will get the type of leader that the people demand.

The change we think we need will never be given to us; we have to demand it; we have to agitate for it, and it is the sustained agitation that will bring about the change. Citizens should get involved and stop complaining.

Reacting to Soludo’s statements, Laolu Akande, the Senior Special Assistant (Media and Publicity) to Acting President, Yemi Osinbajo said that the former CBN governor has the right to express his opinion, adding that what the country is facing today is as a result of the wrong decisions of the past.


“Nigerians have demonstrated that they know that the Buhari administration inherited a sorry state of the economy but is working diligently to fix it with positive results now emerging.

What even the former CBN Governor, Soludo, cannot deny is the fact that the Buhari administration has ended the bleeding of the nation and is implementing reforms.

The Buhari administration is spending more on infrastructure at a time when resources are lean. When we had abundant revenues, what happened was profligate and plunder.

What no one can deny is that the Buhari administration is now implementing on behalf of ordinary Nigerians a Social Investment Programme that is unprecedented in Nigeria’s history; paying poorest Nigerians N5,000 monthly; feeding school children and engaging hundreds of thousands of unemployed graduates. And there is more to come.

The Buhari administration is plugging loopholes in several ways, including through the Treasury Single Account, raking in resources that otherwise were hidden and misappropriated, and the proper auditing of the federal payroll discovering about 30,000 ghost workers and saving billions per month.

Another step in the right direction is the fact that Nigeria no longer has to shell out billions of dollars for the JVC cash call, bringing relief from a burden that has slowed down investment in the oil industry.

It is certainly quite curious that very few among us will choose to ignore the new direction but make story of the burdens of the past without proper attributions. This appears to me to be selective amnesia to which they are certainly entitled.

What would have been more patriotic is that people of goodwill will join several others working with us in this administration and offer progressive ideas and join hands with a government and administration that everyone knows is led by a President and Vice President who are trustworthy and are people of unabashed honesty and integrity,” Akande said.


  1. keke driver

    March 3, 2017 at 12:02 pm

    “It will be a miracle if after eight years, by the time he leaves office in 2023, the current administration is able to return the economy in dollar terms to the exchange rate it met when it took over.”

    8 years where?? you think any sensible Nigerian would vote for this quarter past to d*e clueless man?? I have never voted, but come 2019, I’ll be the first one at the poll.

    • Adeola

      March 3, 2017 at 6:15 pm

      The 2023 mention is so scary to think about. I have huge respect for soludo but I disagree on the part of giving a complacent excuse. The truth is, if Nigerians including the government want substantial change for the country, it will happen. It’s a mindset thing.
      Enough of blaming past administration, let’s focus on what solution can be done right now. If that includes bringing in competent, morally standing and leaders let it be done.

    • Fleur

      March 4, 2017 at 5:05 pm

      Waiting for Thing 1 and Thing 2 (Liar Mohammed and Femi Adesina) to respond with bombastic denials. or am I late to the mardi gras?

    • Fleur

      March 4, 2017 at 5:07 pm

      I forgot Laura “need scope mouth wash” Onochie

  2. nnenne

    March 3, 2017 at 12:16 pm

    Truly, ,truly, I say unto you, those who try to cover the truth will not go unpunished.
    Does the poorest Nigerians on your payroll include those begging for money on social media everyday? How about those begging on the streets? How many poor Nigerians are paid? What can $5,000 buy in Nigeria today?

    APC should please stop insulting us!
    The first step into healing yourself is to accept there’s a problem.
    Every right thinking Nigeria knows that Nigerian state is a total failure. It’s time to try something new. ….
    Restructure the country! !!!!
    Thanks Prof. Soludo!!!!
    People may not appreciate your speech now but HISTORY always remembers! !

    • NG

      March 3, 2017 at 12:40 pm

      You meant N5000 we know. We cant wait for history’s rememberance on this Naija matter o. We need the action(s) happeneing now now

    • nnenne

      March 3, 2017 at 1:08 pm

      Meant, N5,000!!!!

  3. Ada

    March 3, 2017 at 12:30 pm

    Soludo dont throw stones when you live in a glass house. You became a puppet in the hands of the bank CEO’s when you were CBN Governor. The scandal of the polymer notes printed in Australia is yet to be explained by you. You have your own skeletons!

    • ike

      March 4, 2017 at 3:22 pm


  4. The Real Oma

    March 3, 2017 at 1:15 pm

    2023 ke? Soludo, why nah?
    One salient point though, “You can have the President, the Vice President and all the ministers from one village and the life of the ordinary people from that village will not move from point A to point B” I wish i could scream that from a rooftop.

    • LemmeRant

      March 3, 2017 at 2:29 pm

      Well that depends on how far point A is to B


  5. Carolina

    March 3, 2017 at 1:30 pm

    I find Prof Soludo’s comment very convenient, first he is the new spokes person for Nnamdi Kanu almost 2 years after being imprisoned then now he tries to win over the wailers by this comment. We know that the Anambra State elections are close but surley there are other ways to stay relevant in the news Prof.

    • oluchijo

      March 3, 2017 at 2:51 pm

      going off point is what folks like u do, always suppressing the truth.
      Soludo is a Biafran, if e pain u go and hugg transformer

  6. john

    March 3, 2017 at 1:44 pm

    @calorina so him being in the news means that everything he said is a lie..seriously I do not understand the way Nigerians reason..we truly deserve the leaders we have. .if u have an opportunity to leave this shithole , pls do

    • Carolina

      March 4, 2017 at 9:21 am

      so what are you still doing here? Get lost you bum

  7. Victor Adegoke

    March 3, 2017 at 1:59 pm

    I pray we get out of this economic crises rocking the Nation. Amen!

  8. mua

    March 3, 2017 at 2:38 pm

    All this looooong story will change as soon as he is appointed finance minister. Just as our friend Reuben Abati.

    • ceetoo

      March 3, 2017 at 4:27 pm

      Before then… let someone speak out about this failing economy. hain.

  9. tunmi

    March 3, 2017 at 2:59 pm

    Side eyes. Just side eyes.

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