Soludo Applauds Tinubu’s Economic Reforms— Amid Soaring Prices, Public Anguish and Worsening Hardship Nationwide

 

Amidst widespread public outcry over the crippling economic conditions in Nigeria, Governor Chukwuma Soludo of Anambra State has delivered an unexpected and striking endorsement of President Bola Ahmed Tinubu’s economic policies. Speaking at The Platform, a Democracy Day gathering organized by Pastor Poju Oyemade of The Covenant Nation in Lagos, Soludo heaped praises on reforms that many Nigerians blame for plunging them deeper into poverty.

Describing Tinubu’s policy moves as “audacious structural reforms,” Soludo claimed they prevented Nigeria from slipping into economic catastrophe. His remarks come at a time when Nigerians are grappling with skyrocketing food prices, erratic power supply, mass job losses, and an overall surge in the cost of living—conditions worsened by the very reforms he defended.

Without hesitation, the former Central Bank Governor asserted that the removal of petrol subsidies and the controversial unification of Nigeria’s multiple foreign exchange rates were essential. According to him, these decisions—widely seen as painful by most citizens—have “allowed the economy to breathe again.”

“The economy was at a tipping point,” Soludo declared. “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.”

His statements have ignited debate, especially considering the contrasting reality faced by millions across the country. From Lagos to Sokoto, reports of families skipping meals, small businesses shutting down, and transportation costs spiraling out of reach have become the new normal. Despite this, Soludo insists the reforms have placed Nigeria on a more viable trajectory.

Even more surprising was his commendation of international financial bodies such as the World Bank and the International Monetary Fund (IMF)—institutions he once publicly criticized. “The endorsements by the World Bank, IMF, London Financial Times, rating agencies—Fitch, Moody’s, etc.—are well deserved,” he stated.

The declaration marks a stark departure from Soludo’s earlier stance. As an economist and vocal critic of foreign loan conditions, he has long been wary of policy prescriptions from global financial institutions. “Many people know that I made a living criticising the World Bank and the IMF,” he confessed. “As Governor of Anambra, I have even rejected a World Bank loan because of the terms.”

Yet, he now aligns with these institutions in backing Tinubu’s economic model—a move that has left many Nigerians scratching their heads in disbelief. While the elite praise the reforms as necessary, the man on the street is battling unprecedented inflation, job uncertainty, and dwindling purchasing power.

Speaking about his personal motivation to govern Anambra State, Soludo painted an image of optimism that sharply contrasts with the everyday Nigerian’s experience. “I applied for my current job because I believe that I can join millions of Nigerians in the search for solutions. Yes, solutions—not lamentations,” he said.

Soludo further emphasized his commitment to “what is working” in Nigeria, urging others to do the same. “I see the Nigerian cup as half full, and not half empty,” he said. “To keep my optimism going, I try a lot of the time to focus more on what is right with or working in Nigeria. Yes, we still have a very long way to go. But we must appreciate how far we have come.”

His comments reflect a philosophical divergence from the despair felt by many Nigerians. Critics argue that the reforms have primarily benefited financial markets and foreign investors, while leaving average citizens to bear the brunt.

Although Soludo is known for his academic rigor and bold economic perspectives, the timing and tone of his praise for Tinubu has left many observers stunned. With Nigeria’s inflation nearing 34%—the highest in decades—many are wondering how such policies could be described as a rescue rather than a regression.

Despite growing skepticism, Soludo remains unwavering in his stance. Whether history will vindicate his confidence in these reforms—or prove him deeply mistaken—remains to be seen. But for now, his words are a stark reminder of the growing gap between the halls of power and the homes of ordinary Nigerians.