Governor of Anambra State and former Central Bank of Nigeria (CBN) Governor, Professor Charles Chukwuma Soludo, has expressed strong support for the economic reforms introduced by President
Bola Ahmed Tinubu, describing them as “tough but necessary medicine” required to heal Nigeria’s long-distorted economy.
Speaking at an economic forum in Awka, Soludo explained that while the reforms
have created short-term hardship for Nigerians, particularly the removal of fuel subsidy and the unification of exchange rates, they remain critical to stabilizing the economy and laying the foundation for sustainable growth.
According to Soludo, the Nigerian economy has for decades been managed under “artificial controls” that only encouraged corruption, inefficiency, and dependency on oil revenues.
He stressed that no serious country can grow with a system where trillions of naira are spent subsidizing petrol, while education, healthcare, and infrastructure remain underfunded.
“President Tinubu’s reforms are painful in the immediate term, but they are like bitter pills prescribed by a doctor to cure a longstanding illness.
The truth is that our economy was distorted and heading towards collapse if nothing drastic was done. These policies will reposition Nigeria for future prosperity if sustained and managed well,” Soludo stated.
He noted that though the subsidy removal has led to an increase in the cost of living, the funds previously wasted on subsidy can now be channeled into productive sectors such as agriculture, technology, and industrialization.
He urged Nigerians to exercise patience, assuring that the results will be evident in the medium to long term.
On the issue of exchange rate unification, Soludo argued that multiple exchange windows created opportunities for round-tripping, rent-seeking, and financial leakages that benefitted only a privileged few.
He maintained that allowing market forces to determine the value of the naira is the only way to attract foreign investment and rebuild confidence in the economy.
The governor also called on the Federal Government to complement the reforms with targeted social intervention programmes to cushion the effects on vulnerable Nigerians.
According to him, while reforms are necessary, government must not lose sight of the immediate suffering being faced by ordinary citizens.
“Palliatives must go beyond handouts. We need policies that create jobs, support small businesses, and empower farmers.
If we do this alongside the reforms, Nigerians will begin to see that the sacrifices are not in vain,” Soludo added.He further urged state governments to embrace fiscal discipline and adopt innovative measures to boost internally
generated revenue, warning that overdependence on federal allocations would no longer be sustainable in the new economic climate.Concluding, Soludo expressed optimism that Nigeria will overcome its present challenges if the reforms are consistently implemented.
He stressed that history will judge Tinubu’s administration not by the initial hardship, but by the long-term benefits of the bold economic choices being made.
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