Soludo made these remarks during an interview on Channels Television's Politics Today program, where he discussed the policies of the Central Bank of Nigeria (CBN).
The former CBN governor criticized the apex bank for engaging in the unlawful printing of money, which directly violated the 2007 Act that governs the financial institution.
He stated, "We must acknowledge the starting point of our economic journey. We witnessed the monetary authorities resorting to the literal printing of money. To prevent the dire situation we find ourselves in today, we included an explicit clause in the law that prohibited the Central Bank from recklessly lending or granting ways and means to the federal government."
"We explicitly stipulated in the law that the federal government cannot be granted more than 5% of the previous year's actual revenue. Furthermore, any amount granted must be repaid by the end of the same year. If the federal government fails to repay, the central bank is legally prohibited from providing further ways and means. This was enshrined in the 2007 Act of the Central Bank."
"I have previously stated this, but it is worth reiterating that the current government inherited an already failing economy. From a macroeconomic perspective, this government inherited a dead horse that appeared to be standing, but unbeknownst to many, it was already deceased. It is crucial for Nigerians to comprehend this reality."
