Anambra State Governor, Professor Chukwuma Charles Soludo, has commended the economic reforms of President Bola Ahmed Tinubu, saying Nigeria’s economy has stabilised and “turned the corner” despite the challenges associated with the reforms.
Soludo, who spoke at the Delta State Economic and Investment Summit, said recent improvements in Nigeria’s macroeconomic environment, foreign exchange reserves, investor confidence and fiscal stability were signs that the country’s economic reforms were beginning to yield results.
The governor’s comments have attracted attention because he is a member of the All Progressives Grand Alliance, APGA, and not the ruling All Progressives Congress, APC.
Soludo, a former Governor of the Central Bank of Nigeria, said the reforms undertaken by the Tinubu administration had addressed some of the structural weaknesses that had constrained Nigeria’s economy for years.
He pointed to improved foreign exchange reserves, greater exchange-rate predictability and increased revenues accruing to state governments as indicators of a changing economic environment.
According to him, the improved revenue position of the states has provided subnational governments with greater fiscal space to invest in infrastructure and public services.
The Anambra governor, however, acknowledged that the reforms have come with significant economic difficulties for Nigerians, particularly following the removal of fuel subsidies and changes to the foreign exchange regime.
He stressed that structural economic reforms often involve short-term difficulties before their potential benefits become evident.
Soludo also highlighted the importance of fiscal discipline at the state level, noting that increased federal revenues would only translate into meaningful development if state governments manage their resources prudently.
He cited Anambra as an example of fiscal responsibility, saying his administration had avoided borrowing to pay salaries or finance routine government obligations.
The governor’s assessment comes amid continued debate over the impact of the Federal Government’s economic policies, with Nigerians still grappling with high living costs, inflation and pressure on household incomes.
While acknowledging the progress highlighted by Soludo, economic analysts have continued to stress the need for the government to translate macroeconomic improvements into tangible benefits for ordinary Nigerians.
Soludo’s remarks have nevertheless renewed calls for political leaders to place national economic development above partisan considerations and objectively acknowledge policies they believe are producing positive results.
The governor maintained that Nigeria’s next challenge is to consolidate the gains from the reforms and ensure that improved economic stability translates into inclusive growth, job creation and better living conditions for citizens.
