The Governor of Anambra State, Prof Chukwuma Soludo, has claimed that President Bola Tinubu inherited an economy that could be said to be a “dead horse but standing”.
Soludo, in an interview with Channels TV on Friday, said the president inherited a stagnant economy from a macroeconomic standpoint.
“This government inherited, from a macroeconomic standpoint, I would say the economy was like a dead horse but standing, in macroeconomic terms, and modeling through this over the coming months will be bumpy, no question about it.”
He further commended the president for some economic decisions he has taken, including the removal of fuel subsidy in his first 100 days in office.
“But I am glad that at least, the first salvos by the president, by his courageous step to remove the obnoxious scam that has festered over the years called petrol subsidy and then dealing with the exchange rate.
“These are some of the legacies the government met in terms of high debt service to revenue ratio. The past administration printed over N22 trillion and poured it into the system without backing it up. Now we have to grapple with high inflation and the impact of the exchange rate.
“I am willing to give the government the benefit of the doubt; I believe the newly set-up economic team will be on this.”