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By Ken Nwogbo
In politics, commendation across party lines is uncommon. More often than not, political actors are conditioned to see every policy through partisan lenses, applauding only what their political parties initiate while dismissing the achievements of others. That is why 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 a member of the ruling All Progressives Congress (APC). He belongs to the All Progressives Grand Alliance (APGA), a party that has consistently maintained its independent political identity. More significantly, he governs Anambra State in the South-East, the geopolitical zone where President Tinubu received the least electoral support in the 2023 presidential election. If there were any region where political incentives would favour criticism rather than commendation of the Federal Government, it would certainly be the South-East.
Yet, standing before investors and policymakers at the Delta State Economic and Investment Summit, Soludo offered an assessment that cut through political sentiments. He declared that Nigeria’s economy, under the leadership of President Bola Ahmed Tinubu had stabilised 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 partisan ally. It was the considered judgment of one of Nigeria’s most accomplished economists. That distinction matters.
Professor Soludo is not merely a serving governor. He is a former Governor of the Central Bank of Nigeria (CBN), one of the country’s most respected economic technocrats, whose contributions to banking consolidation remain part of Nigeria’s modern economic history. When such an individual evaluates macroeconomic reforms positively, his words naturally carry weight beyond political rhetoric.
His intervention deserves attention not because it suggests that Nigeria’s economic journey is complete, it clearly is not, but because it acknowledges that difficult structural reforms are beginning to produce measurable results.
One of the greatest challenges President Tinubu inherited in May 2023 was an economy burdened by mounting fiscal pressures, declining investor confidence, multiple exchange rate distortions, ballooning subsidy costs, dwindling public revenues and unsustainable debt obligations. Many state governments struggled to meet basic obligations despite increasing demands for infrastructure, healthcare, education and security.
The warning signs were evident. Public finances had become increasingly constrained. Resources that ought to have been invested in development were being consumed by recurrent obligations and unsustainable subsidy payments.
The difficult decisions that followed were never going to be politically popular. Removing fuel subsidies generated immediate hardship. Exchange rate reforms initially triggered inflationary pressures.
Many Nigerians questioned whether the pain would ever produce meaningful gains. Economic reforms of such magnitude rarely produce instant comfort. They are designed to correct structural distortions that accumulated over many years. Their benefits emerge gradually.
Today, there are growing indications that those difficult choices are beginning to restore macroeconomic stability. This is precisely what Soludo acknowledged.
His reference to Nigeria’s stronger foreign exchange reserves, reportedly rising to about $52 billion, represents more than a statistical improvement. Healthy reserves strengthen a country’s ability to manage external shocks, reassure investors, stabilise the currency and improve confidence in the broader economy.
Equally important is his observation regarding exchange rate predictability. Businesses thrive where economic policies are predictable. Investors commit capital where uncertainty is reduced.
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Manufacturers plan production more effectively when foreign exchange markets become increasingly transparent. Importers, exporters and financial institutions all benefit from improved market confidence.
These developments do not solve every economic challenge overnight. But they represent important building blocks. Perhaps the most significant aspect of Soludo’s remarks concerns the fiscal health of Nigeria’s states.
For decades, many subnational governments depended overwhelmingly on monthly allocations from the Federation Account Allocation Committee (FAAC), often struggling to finance infrastructure while simultaneously paying salaries and pensions.
The reforms undertaken by the Federal Government have significantly altered this fiscal landscape. Higher revenues flowing to states have expanded their fiscal space. Across Nigeria, governors now possess greater capacity to execute capital projects, improve public services and invest in critical infrastructure.
Road construction has accelerated. Healthcare facilities are being expanded. Agricultural investments have increased. Educational infrastructure is receiving renewed attention.
While governance outcomes naturally vary from one state to another, the improved fiscal environment has undoubtedly strengthened the financial capacity of many state governments.
This is not a partisan claim. It is reflected in the financial realities confronting subnational governments. Significantly, Soludo himself used Anambra as an example of prudent fiscal management, noting that his administration has avoided borrowing to pay salaries or finance routine obligations.
His statement illustrates an important point. Federal reforms create opportunities.
State governments determine how effectively those opportunities are utilised. Fiscal discipline at the subnational level remains indispensable.
Another reason Soludo’s endorsement carries unusual credibility is his professional background. As former CBN Governor, he understands monetary policy, exchange rate dynamics, fiscal sustainability and macroeconomic management far more deeply than the average political commentator.
President Tinubu’s reforms have laid important groundwork. The next phase now is translating improved fiscal stability into inclusive economic growth that reaches households across every community.
History demonstrates that successful economies are built through difficult reforms, patient implementation and institutional consistency. Countries rarely achieve sustainable growth without confronting painful structural weaknesses.
Ultimately, Governor Soludo’s intervention offers an important lesson for Nigeria’s political class. National development should never become a casualty of partisan rivalry. When objective evidence indicates progress, responsible leaders should acknowledge it regardless of political affiliation.
• Nwogbo writes from Lagos State
