Prof. Chukwuma Soludo, a former Governor of the Central Bank of Nigeria, while speaking to newsmen at a public policy debate tagged ‘Big Ideas Podium’ organized by the Heritage Institution in Enugu, said that President Muhammadu Buhari inherited a bad economy from Ex-President Goodluck Jonathan when he became president in 2015 and made it worse.
“Buhari met a very bad situation when he assumed power, but he has made the situation worse. Nigeria today is a fragile state with a failing economy. Some say failing state; some say failed state”.
“The economy is not just in recession; we are suffering from massive economic compression. Saying it is recession trivializes the issue.
“It will be a miracle if after eight years, by the time it leaves office in 2023, the current administration is able to return the economy in dollar terms to the exchange rate it met when it took over.
“The truth is this government inherited a very bad situation, but it has made it very much worse.”
According to the professor, Nigeria is just not working in anybody’s interest except for only a privileged few.
He noted that the north which has produced many Nigerian leaders still wallow in poverty and even the Igbos that enjoyed many positions under Ex-President Jonathan’s administration could not fix roads in the South-East.
“Nigeria is not working in anybody’s interest except that of the privileged few and because of this, there is an obsession with unnecessary distractions, like which part of the country produces the president. You can have the president, the vice-president and all the ministers from one village and the life of the ordinary people from that village will not move from point A to point B,” he said.
“The north has ruled the country for several years, but poverty, to a very large extent, is a northern problem.
“In the last dispensation, we had Jonathan as president, the finance ministry and almost all the financial institutions of government were headed by Igbos then, but we still don’t have any motorable federal road in Igboland.”