Buhari inherited a bad economy – Soludo

by Dolapo Adelana

A former Governor of the Central Bank of Nigeria (CBN), Professor Charles Soludo, has said that the present government inherited a bad economy.

“To be fair, this government inherited a bad economy,” Soludo said at an economic talk shop, organised by the Vanguard newspapers.

“The previous government had an unprecedented rate of debt accumulation, even at a time of unprecedented oil boom and was even depleting our foreign reserves instead of doubling the reserves.

“Insecurity, especially in the north-east was very high, and corruption was pervasive,” he added.

He said the nation’s Gross Domestic Product (GDP) has shrunk because of the economic recession.

Soludo said the GDP shrunk from about $575 billion to about $354 billion.

“In the previous 16 years, Nigeria’s GDP more than doubled in U.S. dollar terms.

“But in less than two years, depending on the exchange rate you use, we have more than reduced the value to less than 50 per cent of what we met, in less than two years, in U.S. dollar terms.”

Other speakers at the event, included Mr. Adams Oshiomhole, former governor of Edo State; Dr Kayode Fayemi, also a former governor and Minister of Steel and Solid Minerals; Mr. Issa Aremu, the deputy president of the Nigerian Labour Congress.

The talk shop with the theme, “The Hard Facts to Rescue the Nigerian Economy” was moderated by Mr. Fola Adeola, the founding managing director of Guaranty Trust Bank.

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