NAIJA NEWS
Anambra State Governor, Charles Soludo, has defended the country’s current economic situation, saying that President Bola Tinubu’s administration inherited a dead economy.
Naija News reports that Soludo stated this while commenting on the current naira-dollar exchange during an interview on Channels TV’s Politics Today on Thursday night.
The former governor of the Central Bank of Nigeria (CBN) faulted the apex bank for illegally printing money in total violation of the 2007 Act governing the financial institution.
He maintained that Tinubu inherited a dead economy many Nigerians saw as standing.
He said, “We must realize where we were coming from. We sat here in this country and saw the monetary authorities literally printing money. And to prevent us from getting to where we are today, that was why we had an explicit clause that prevented the Central Bank from landing recklessly, granting ways and means to the federal government.
“We explicitly put into the law that you can’t grant the federal government more than 5% of the previous year’s actual revenue. And that so granted must be retired by the end of the year in which it was granted. And when the federal government fails to retire, the central bank is forbidden by that law from further advancing ways and means. That was the law 2007 act of the Central Bank.
“But we sat all of us Nigerians watching the CBN illegally and brazenly violating that act year on year and kept on printing money. That is when advance money is not backed by nothing; you just credit the federal government with trillions N 4 trillion, N10 trillion, N15 trillion and we kept going…
