By Fresh Facts Correspondent
LAGOS — The Governor of Anambra State and former Governor of the Central Bank of Nigeria (CBN), Professor Charles Chukwuma Soludo, has declared strong support for President Bola Ahmed Tinubu’s economic reform agenda, describing the policies as courageous steps that averted a looming economic catastrophe for the nation.
Soludo made this declaration on Thursday while speaking at The Platform, a special Democracy Day symposium organized by The Covenant Nation in Lagos. The event, which brought together leading voices in governance, policy, and civil society, provided a platform for critical reflection on Nigeria’s democratic journey and economic future.
Addressing an attentive audience, Professor Soludo acknowledged the pain and hardship currently being experienced by Nigerians due to the removal of fuel subsidies and the liberalization of the foreign exchange market—two of the most controversial components of Tinubu’s reform package. However, he insisted that these decisions, though tough, were vital for stabilizing Nigeria’s faltering economy.
“We were heading for the rocks,” Soludo said. “The economy was on the verge of collapse, and these bold reforms were necessary interventions to stop the bleeding. Sometimes, you have to take painful steps to secure long-term recovery.”
Drawing on his experience as an economist and former CBN governor, Soludo explained that Nigeria had for too long operated on unsustainable economic fundamentals, driven by artificial subsidies and heavy government borrowing. He argued that President Tinubu’s administration took over at a time of severe fiscal distress, and had little choice but to initiate far-reaching adjustments.
“What we are seeing is not the end but the beginning of a process of national economic reset,” Soludo added. “It will take time, and yes, it will be painful. But we must stay the course. There is no miracle out there.”
The Anambra governor also urged Nigerians to exercise patience and remain hopeful, noting that genuine economic recovery requires structural reforms, consistent policy implementation, and sacrifice by both the government and the people.
Soludo’s comments come at a time when public discontent is rising over increasing living costs, a weakened naira, and soaring inflation. Labour unions, civil society groups, and many citizens have criticized the federal government’s policies, demanding palliatives and clearer strategies for managing the economic fallout.
Nonetheless, Soludo’s endorsement adds a significant voice to the ongoing debate. As one of Nigeria’s most respected economists, his support may lend credibility to the Tinubu administration’s efforts to reposition the economy, particularly at a time when public trust in government decisions is being severely tested.
The Platform’s Democracy Day edition also featured other speakers who addressed issues ranging from electoral integrity to national security and institutional reform. But Soludo’s speech stood out as a call for national resilience in the face of hard but potentially transformative choices.
Fresh Facts Magazine will continue to monitor reactions to these reforms and provide updates on their impact across the country.
