Governor of Anambra State and former Central Bank of Nigeria (CBN) Gov, Prof. Charles Chukwuma Soludo, has thrown his weight behind the economic reforms undertaken by President Bola Ahmed Tinubu, describing them as bold, necessary, and timely interventions that have rescued Nigeria from the brink of collapse.

Speaking on Thursday at The Platform, a special Democracy Day edition hosted by Pastor Poju Oyemade of The Covenant Nation in Iganmu, Lagos, Prof. Soludo defied expectations of criticism and instead commended the administration’s efforts in stabilising what he described as a “dangerously deteriorating economy.”

“I’d disappoint many who would expect me to comment harshly on the economy or offer yet another blueprint for economic reforms,” Soludo said. “I’m not shy to say this: the audacious structural reforms embarked upon by the current administration of President Bola Tinubu have rescued the economy from the tipping point.”

Since assuming office in May 2023, President Tinubu has introduced far-reaching policies, including the removal of petrol subsidies and the unification of the foreign exchange rate system. These reforms, while triggering inflationary pressures and hardship for many citizens, have been hailed by economic institutions for their long-term impact.

Prof. Soludo, known for his frank economic analyses, acknowledged the hardship caused but maintained that the reforms were inevitable and necessary.

“If we didn’t do the kind of subsidy removal and deal with the exchange rate issues, we would have reached a point where the economy was just standing still,” he explained. “We needed fundamental rejigging for it to begin to breathe again — and thank God, at least, we are here.”

He further referenced the support and recognition from international financial institutions.

“The endorsement by the World Bank, the IMF, the London Financial Times, and more in Nigeria is well deserved,” Soludo noted. “On the matter of the trajectory of the current economic reforms, the World Bank and others, in my view, are largely right.”

Drawing from his time as CBN Governor, Soludo revealed he had once rejected World Bank loans due to their terms but accepted that today’s context requires a more pragmatic outlook.

He criticised the tendency of Nigerians to selectively accept or dismiss the assessments of global institutions.

“When these institutions criticise the government, some people use them as validation of their own criticism. But when the same institutions give a positive report, they are derided as ‘neoliberal, out-of-touch’ institutions. We can’t have it both ways.”

While acknowledging that challenges remain, Soludo urged the Tinubu administration to stay the course and encouraged analysts to provide constructive, evidence-based criticism.

“There is still a lot more to do, but I urge the President and his team to steer the course. Many analysts have interesting opinions and quotes, but I urge them to go deeper, with rigorous, factual analysis, and to provide credible alternatives.”

Quoting a friend, he added, “The past is always easy, especially if you are not the one doing it.”

The Platform event, held as part of Nigeria’s 26th Democracy Day celebrations, attracted an audience of national significance, including former INEC Chairman Prof. Attahiru Jega, former Minister of Works and Housing Babatunde Fashola, and other governors, public servants, and civil society leaders.