Former President Buhari And His Team Paralyzed Nigeria’s Economy—Soludo

<h4>Former President Buhari And His Team<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a> <&sol;strong>reports that Anambra State Governor&comma; Professor Charles Soludo&comma; has said that the immediate past administration of President Muhammadu Buhari paralyzed Nigeria’s economy&period;<&sol;p>&NewLine;<p>Soludo made this remark on Thursday while commenting on the policies of the Central Bank of Nigeria &lpar;CBN&rpar; in an interview on Channels Television’s Politics Today programme&period;<&sol;p>&NewLine;<p>The former Central Bank governor described the Nigeria under previous administrations as a dead horse that was still standing and people didn’t know it was dead&period;<&sol;p>&NewLine;<p>Soludo who served as CBN governor under the administrations of Olusegun Obasanjo and Umaru Yar’Adua added&colon; &OpenCurlyDoubleQuote;Because you can’t pour water on a rock and not expect the rock not to be wet&comma; there are humungous challenges and I think it is important that Nigerians understand this and it is not a tea party&period;”<&sol;p>&NewLine;<p>He expressed disappointment that President Bola Tinubu-led government inherited a dead economy from its predecessors&period;<&sol;p>&NewLine;<p>When he headed the central bank from 2004 to 2009&comma; Soludo explained his role in imposing restrictions on monetary systems and charged the CBN with money printing without authorization&period;<br &sol;>&NewLine;&OpenCurlyDoubleQuote;We must realise where we are coming from&comma;” he said&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We sat here in this country and saw the monetary authorities literally printing money&comma; illegally I must say&comma; because I superintended the development of drafting of the 2007 Bank Act&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;And to prevent us from where we are today&comma; that is why we had an explicit clause there that prevents Central Bank from lending recklessly to the Federal Government&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;That you can not grant to the Federal Government more than 5 percent of the previous year’s actual revenue&period;”<br &sol;>&NewLine;<a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">He maintained that the CBN failed to comply with the 2007 CBN Act&comma; adding that the current monetary trajectory was avoidable in the first place&period;<&sol;a><&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We all sat here and saw how the CBN brazenly&comma; illegally violated that law year after year and kept on printing money&comma;” the governor said&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;When you continue to credit the account of government&comma; one trillion people shouted&comma; two trillion&comma;10 trillion&comma; 15 trillion and 20 trillion and we kept going&period;”<&sol;p>&NewLine;