Praise across the aisle is rare in politics. More frequently than not, political actors are conditioned to view every policy thru partisan lenses, applauding only what their political parties initiate and dismissing the achievements of others. Hence the recent assessment of President Bola Ahmed Tinubu’s economic reforms by the Governor of Anambra State, Professor Chukwuma Charles Soludo, a governor elected on the platform of the All Progressives Grand Alliance (APGA) deserves serious national reflection.
Governor Soludo is not of the ruling All Progressives Congress (APC). He is a member of the All Progressives Grand Alliance (APGA), a party that has always kept its independent political identity. More importantly, he governs Anambra State in the Southeast, the geopolitical zone where President Tinubu got the least electoral support in the 2023 presidential election. If there was any region in which political incentives would favor criticism instead of commendation of the Federal Government, it would certainly be the Southeast.
But addressing investors and policymakers at the Delta State Economic and Investment Summit, Soludo provided an analysis that transcended political sentiments. He declared that Nigeria’s economy, under the leadership of President Bola Ahmed Tinubu had stabilized and “turned the corner” pointing to stronger macroeconomic fundamentals, rising foreign exchange reserves, greater investor confidence and improved fiscal stability.
This was not the language of a friendly partisan. It was the considered judgment of one of Nigeria’s most distinguished economists. That distinction is important.
Prof. Soludo is not just a sitting governor. A former Governor of the Central Bank of Nigeria (CBN), he is one of Nigeria’s most respected economic technocrats, whose contributions to banking consolidation are part of Nigeria’s modern economic history. When such a person says nice things about macroeconomic reforms, his words are naturally taken more seriously than mere political rhetoric.
His intervention deserves attention not because it suggests Nigeria’s economic journey has been completed, which it clearly has not, but because it recognizes that difficult structural reforms are beginning to yield measurable results.
The economy faced one of its biggest challenges when President Tinubu assumed office in May 2023, with mounting fiscal pressures, declining investor confidence, multiple exchange rate distortions, ballooning subsidy costs, dwindling public revenues and unsustainable debt obligations. State governments faced mounting demands for infrastructure, healthcare, education and security, but many struggled to meet basic obligations.
The warning signs were there. Public finances had become more and more constrained. Recurring obligations and unsustainable subsidy payments were consuming resources that should have been invested in development.
The tough choices that followed were never going to be politically popular. Cutting fuel subsidies caused immediate hardship. The reforms of the exchange rate created inflationary pressures at the beginning.
Many Nigerians wrestled with a question: Would the pain ever be transformed into something positive? Such enormous economic reforms seldom bring immediate comfort. They are meant to correct structural distortions that have accumulated over many years. Their benefits come gradually.
There are now increasing signs that those difficult choices are beginning to restore macroeconomic stability. Exactly what Soludo admitted.
His reference to Nigeria’s stronger foreign exchange reserves, reportedly rising to about $52 billion, is more than a numerical upgrade. Healthy reserves build a country’s ability to withstand external shocks and reassure investors, stabilize the currency and improve confidence in the broader economy.
His observation of exchange rate predictability is equally important. Businesses flourish when economic policies are predictable. Investors invest money where uncertainty is less.
Manufacturers are better equipped to plan production when foreign exchange markets become more transparent. Better market confidence is good for importers, exporters and financial institutions.
These developments will not solve all economic challenges immediately. But they are important building blocks. Perhaps the most important part of Soludo’s comments is on the fiscal health of Nigeria’s states.
For decades, many subnational governments relied heavily on monthly allocations from the Federation Account Allocation Committee (FAAC), often having to balance the need to finance infrastructure with the need to pay salaries and pensions.
The Federal Government’s reforms have fundamentally changed this fiscal landscape. The higher revenues accruing to states have created greater fiscal space for them. Governors in Nigeria now have a greater capacity to execute capital projects, improve public services and invest in critical infrastructure across Nigeria.
Road building is underway. Healthcare facilities are being increased. More agricultural investments. Educational infrastructure is getting a second look.
Although governance outcomes will naturally differ from one state to another, the enhanced fiscal environment has certainly bolstered the financial capacity of many state governments.
This is not a partisan assertion. This is reflected in the financial realities facing subnational governments. Notably, Soludo himself cited Anambra as a case study in sound fiscal management, observing that his administration has not resorted to borrowing to pay salaries or meet routine obligations.
He makes a good point there. Opportunities for federal reforms.
The effectiveness with which those opportunities are used is determined by the state governments. The importance of fiscal discipline at the subnational level remains.
Another reason that Soludo’s endorsement has unusual credibility is his professional background. He knows monetary policy, exchange rate dynamics, fiscal sustainability and macroeconomic management far more deeply than the average political commentator, being a former CBN Governor.
President Tinubu’s reforms have created important momentum. The next phase now is turning improved fiscal stability into inclusive economic growth that reaches households in every community.
History shows that good economies are built thru difficult reforms, patient implementation and institutional consistency. Few countries achieve sustainable development without confronting painful structural weaknesses.
Ultimately, the intervention by Governor Soludo offers an important lesson for Nigeria’s political class. Partisan rivalry should never be allowed to become a casualty of national development. Responsible leaders should acknowledge progress when objective evidence shows progress, regardless of political affiliation.
Yusuf Challenges Jingir Over ‘Infidel’ Comment, Asks What Remi Tinubu and Seyi Would Think
Political strategist, Baba Yusuf has wondered how First Lady, Remi Tinubu and her son Seyi would react to the recent remarks made against Christians by an Islamic cleric, Sheikh Jingir.
It was reported that Jingir, while addressing a political gathering attended by about three governors and prominent individuals, had asked those against the Muslim-Muslim ticket to leave Nigeria and labelled Christians as ‘infidels.’
Reacting during an appearance on Arise News, Yusuf noted that while the cleric attempted to promote the Muslim-Muslim presidential ticket of the All Progressives Congress (APC) in Nigeria’s diverse society, he overlooked the fact that both the First Lady and the president’s first son, Seyi, are Christians.
Yusuf, a Muslim, asserted that Jingir’s comments regarding the Muslim-Muslim ticket were solely his own, driven by personal interests, and emphasized that such statements reflected religious intolerance.
He argued that a leader of Jingir’s experience, given his long tenure as an Islamic cleric, should recognize that his words carried significant weight and could potentially harm Nigeria, asserting that such rhetoric was unacceptable.
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He said, “As a Muslim, I firmly reject religious extremism. I oppose the hateful narratives propagated by leaders, particularly those in religious positions.
“I must emphasize that Sheikh Jingir’s remarks are his own and stem from self-interest, as this is not the conduct we expect from political leaders, even within political circles; such statements are demagogic.
“They are steeped in religious bigotry, and a leader of his stature, considering his age, societal standing, and extensive experience as an Islamic cleric, should understand that his words can have dire consequences for our nation.
“Thus, I find these remarks entirely unacceptable. I assert, and welcome correction, that the majority of Muslims do not support such irresponsible statements from this Islamic cleric.
“What struck me as most dissonant was my observation of the reactions from the governors, other political figures, and community leaders present. Their facial expressions and overall demeanor conveyed a sense of dismay that, to me, was even more troubling than Jingir’s statement.
“It is particularly disheartening that, even after hours, days, and counting, there has been no response from political leaders to alleviate the concerns of our Muslim brothers and sisters, and indeed, those of all faiths, especially regarding the derogatory term ‘infidel.’
“Furthermore, I find myself questioning the thoughts of the First Lady of the Federal Republic of Nigeria, a Christian, as well as the president, whose eldest son is also a Christian.
“Given that the president leads a diverse household and government, I wonder how he reconciles his position with the remarks made by an individual labeling others as infidels in an attempt to promote a Muslim-Muslim ticket. This, for me, is the crux of the matter.
“If we genuinely aspire for a united Nigeria, we must transcend these divisions. I had not realized the extent of the political decay until I witnessed this situation. I had anticipated a counter-position to be articulated in response to this issue.”