President Bola Tinubu inherited an economy that could be compared to a “dead horse but standing,” according to Governor Chukwuma Soludo of Anambra State. Soludo made the statement on Friday when asked to respond to Tinubu’s stance against spending 90 per cent of the country’s revenue on external debt service during an interview on Channels Television’s Sunrise Daily. “This government inherited, from a macroeconomic standpoint, I would say the economy was like a dead horse, but standing, in macroeconomic terms and modelling through this over the coming months, we will bumpy, no question about it,” Soludo said. The governor stated that his position was one of “empathy and commiseration” for Tinubu’s economic team. Soludo, however, commended the president for some economic decisions he has taken, including the removal of fuel subsidies 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 the petrol subsidy and then dealing with the exchange rate. “These are some of the legacies the government met in terms of a 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. He added that he is willing to give the government the benefit of the doubt, and he believes the newly set-up economic team will be on board with this. Solodu, however, urged Nigerians to support the government in achieving its plans.
